Stablecoin yields are highlighting how far traditional bank deposit rates lag behind real short-term government benchmarks, turning “holding dollars” into a competitive product category outside the deposit system. Using FDIC national rates (Dec. 15, 2025) versus a Treasury reference yield of about 3.89%, the gap is stark: savings around 0.39%, interest checking around 0.07%, and money market deposit accounts around 0.58%, implying a spread of roughly 3.3%–3.8%.