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.(Delphi Digital)