Multicoin Exec Says GENIUS Act Will End Banks’ ‘Rip-Off’ of Retail Depositors with Low Rates

Multicoin Capital managing partner Tushar Jain has predicted that the GENIUS Act will trigger a competitive upheaval in retail banking, with major technology companies poised to challenge traditional banks by offering stablecoin products with superior yields and user experiences. Jain argued that banks have long exploited retail depositors by paying minimal interest rates. He foresaw that tech giants like Meta, Google, and Apple would soon leverage their massive distribution networks to offer stablecoi ...