Politicians are worried that stablecoins will be used at Amazon, Whole Foods, and on Facebook and X instead of sitting in bank accounts.

Politicians are worried that stablecoins will be used at Amazon, Whole Foods, and on Facebook and X instead of sitting in bank accounts. https://time.com/7274507/stablecoin-legislation-genius-act-musk/

Politicians don’t want to pay bank fiat fees to move their idle funds into better proper long-term storage solutions.

My charity’s fiat at US Bank gets 0.5% unless we use their CD products.

My charity’s USDC on Coinbase Institutional gets 4.1% APY and more and is surprisingly MORE liquid than our US Bank account or card.

The thought and compliance logistics of moving 5+ figures out of there to crypto is something that has to go before a Board though and not a regular consumer because chimps in suits like to complicate things and our legal system obliges.

Fact is that Coinbase is beating the banks, which is why all those Federal statements regarding banks are being revoked so they don’t get beat right out of the gate.

I’ll take my USDC passive yield in a fully liquid account over any product fiat banking offers me today.