POPA ReconThe GENIUS Gap: Banks Can Still Pay Yield
The GENIUS Gap: Banks Can Still Pay Yield SoFi launched SOFIE, a tokenized deposit that pays 4.4% and is FDIC-insured. Members can swap it 1:1 into SoFiUSD, the bank's own stablecoin, 24/7. Stablecoin issuers can't pay holders under the GENIUS Act. Banks can pay interest on deposits. So SoFi split the job: the deposit earns, the stablecoin moves. SoFi dropped crypto in 2023 to get its bank charter. Since returning 11 months ago, it has launched SoFiUSD, which now settles its $25B+ card program on Mastercard, and now SOFIE. SOFIE rolls out to all SoFi crypto members in the US by the end of…
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