I was a little worried about this being an end-around the reserve requirements of GENIUS. I mean, if Circle could issue USDC and then deposit reserves into an account at an affiliate bank (satisfying GENIUS) and then the bank, not being limited by GENIUS investment requirements, could then invest in long duration assets as a traditional bank... But that's apparently not the case here. Although, it does raise an interesting issue... If an actual insured depositary institution did pass along >tbill yield to Circle as a depositor, exposing reserve to all the duration mismatch risks of traditional banking... that wouldn't be a great outcome.(Scott Johnsson)