According to PANews on October 6th, Multicoin Capital Managing Partner Tushar Jain predicted that the passage of the GENIUS Act would trigger a competitive transformation in the retail banking industry, completely ending the exploitative practice of traditional banks paying meager interest to depositors. He believes that large technology companies (such as Meta, Google, and Apple) will leverage their vast distribution networks to launch stablecoin products offering higher returns, embedded with features such as instant settlement, 24/7 payments, and free transfers, directly challenging traditional banks' retail deposit market. Despite active lobbying by the banking industry to prevent stablecoin platforms from offering competitive returns, Jain noted that regulations prohibiting interest payments to stablecoin holders are "easily circumventable" and that depositors "deserve returns closer to market returns." The current average interest rate on US savings deposits is only 0.40%, with trillions of dollars in deposits earning zero interest or even zero interest, highlighting the need for new competition.According to PANews on October 6th, Multicoin Capital Managing Partner Tushar Jain predicted that the passage of the GENIUS Act would trigger a competitive transformation in the retail banking industry, completely ending the exploitative practice of traditional banks paying meager interest to depositors. He believes that large technology companies (such as Meta, Google, and Apple) will leverage their vast distribution networks to launch stablecoin products offering higher returns, embedded with features such as instant settlement, 24/7 payments, and free transfers, directly challenging traditional banks' retail deposit market. Despite active lobbying by the banking industry to prevent stablecoin platforms from offering competitive returns, Jain noted that regulations prohibiting interest payments to stablecoin holders are "easily circumventable" and that depositors "deserve returns closer to market returns." The current average interest rate on US savings deposits is only 0.40%, with trillions of dollars in deposits earning zero interest or even zero interest, highlighting the need for new competition.