The banks are lobbying the Senate to kill stablecoin yields. Here’s why they’ve already lost.

Traditional banks are terrified. They call it “protecting the system,” but it’s actually a desperate attempt to stop a massive deposit flight to on-chain efficiency. Even if the GENIUS Act passes, it won't stop the utility of payments—it will only force companies like Coinbase to innovate faster.

I’m breaking down why the market is misreading the "threat" and why the real story is about the new plumbing of global finance.