Multicoin Capital’s co-founder says a new law could redraw how Americans keep and earn on their cash, and banks may feel the heat. Tushar Jain said the GENIUS Act could mark “the beginning of the end” of low interest for everyday savers, offering an opening for stablecoins and tech firms to compete for deposits.

What The GENIUS Act Does

According to the bill text and industry briefings, the Guiding And Establishing National Innovation For US Stablecoins Act sets strict rules for stablecoin issuers. Issuers must back their tokens one-for-one with safe assets such as cash and short-term US Treasuries, and they will face regular reserve checks and disclosure demands.

Reports have disclosed the law bars issuers from directly paying interest to holders. The measure was signed into law on

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