Patrick (and by extension, @nic_carter) are correct. Stablecoin issuers will end up paying out all of their yield, one way or another. This will put a lot of pressure on banks that don't. They'll have to pay up. The fact that banks don't pay competitive interest on deposits was never a pre-ordained optimal design for the economy. It was more of an accident of history, fueled by the lack of better technology and regulatory moats. Today, it's more of a policy decision. The banking lobby argues this impedes credit creation, but banks are not non-profits. They make money from not paying more on deposits. So bank profits will have to go down. The world doesn't yet recognize how economically impactful such a change will be. In its most recent earnings, JPM forecast $95 billion in net-interest margin income for the next 12 months. That's more than half of its 2024 revenues. BoAs NIM is in the $60 billion range, Citi somewhat lower. Not all of it will disappear due to stablecoins, but most might, eventually. Put together, I'd estimate a quarter trillion dollars that may someday not go to bank shareholders. The world is not ready for the economic impact of this - we are talking some of our largest and most profitable corporations. More importantly, the quarter trillion that doesn't go to banks will go to corporations and individuals, the depositors. Imagine the economic impact of this - a massive stimulus if there ever was one. But of course stablecoins aren't just desirable because they'll pay yield, they also offer instant settlement. The eventual disappearance of delayed settlement is another way stables will deprive banks and other payment providers--including Stripe--of income and give it back to customers. For example, the US Government pays around $1.5 trilloin in social security benefits annually. Most of it goes out via ACH (T+2 business days), some of it via even slower methods like prepaid debit cards and checks. That's $1.5 trillion dollars, the yield on which does not go to the US government or retirees, for several days a year. We are talking billions in profit for the banking system and card issuers. Same goes for the even larger amount paid by all corporations in payroll, the lost float on your rent payment, wires that take 3 days to settle, etc etc. The current architecture of banking and payments is predicated on someone else getting the yield on your money for some period of time, and charging you transaction fees on top of it for the privilege of not getting yield. Many FinTechs offer faster settlement, but for an additional fee. The payments industry, which includes banks, has over $3 trillion in annual revenues. Thanks to stablecoins, but really public permissionless blockchains, some substantial percentage of that will someday stop going to the payments industry and instead go back to payers and payees. One of the largest sources of economic rent, eliminated. The world is not ready for this. But it will be glorious.