the global financial system is a deterministic machine built to farm your idle capital
the public is distracted by token volatility while the actual players are fighting a quiet war over the risk-free spread
treasuries are currently yielding around 3.89 percent, yet legacy banks only pass on 0.39 percent to everyday savings accounts.
the banks simply pocket the massive difference. When stablecoin issuers attempted to pass that native yield directly back to holders, regulators stepped in with the GENIUS Act to explicitly ban it.
this is a state-sponsored blockade designed to protect the fractional reserve banking model from a structural funding collapse.
now, traditional banks and crypto firms are racing to control the exact same digital infrastructure from opposite ends of the regulatory spectrum.
Delphi Digital@Delphi_Digital
Stablecoin issuers have become one of the largest holders of U.S. treasuries. Treasuries pay close to 3.89%, the average savings account returns 0.39%, but banks keep that spread. The GENIUS Act already banned issuers from passing yield directly to holders, and regulators keep expanding those restrictions to cover the workarounds that have emerged since. Meanwhile crypto companies are going after bank charters and banks want to issue their own stablecoins. They're all building toward the same financial infrastructure from opposite ends.
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