[Multicoin Executive: GENIUS Act Will End Banks' Exploitation of Depositors with Low Interest Rates] Tushar Jain, Managing Partner at Multicoin Capital, predicts that the introduction of the GENIUS Act will trigger transformative competition in the retail banking sector, effectively ending the traditional banks' practice of paying depositors meager interest rates as a form of 'exploitation.' He believes that major tech companies (such as Meta, Google, and Apple) will leverage their vast distribution networks to launch stablecoin products offering higher returns, integrated with features like instant settlement, 24/7 payments, and free transfers, thereby directly challenging traditional banks in the retail deposit market. Although the banking industry is actively lobbying to prevent stablecoin platforms from offering competitive yields, Jain points out that regulations prohibiting the payment of interest to stablecoin holders are 'easily circumvented,' and depositors 'deserve returns closer to market rates.' Currently, the average interest rate on U.S. savings deposits is only 0.40%, with trillions of dollars in deposits earning zero interest, underscoring the need for new competition.