Who Profits When Banks Print Stablecoins? Franken-Clarity and the War on DeFi | Trust Issues 003
Welcome to Trust Issues--
Picks up right where episode one left off. Alex and Emily go deep on seniorage, the mechanism at the center of why the GENIUS Act is worse than it looks.
The math: a dollar bill costs 14 cents to print. A stablecoin costs almost nothing. Financial institutions issuing stablecoins backed by short-term T-bills pocket about 3.5% on every dollar minted, compounding, with no seniorage tax. That's the loophole.
Lindsay flags that "financial institution" under GENIUS doesn't just mean banks. It means Amazon, Walmart, Starbucks, Western Union. Meanwhile, the Senate is…
The skinny
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