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Liquid cash and yield have long pulled in opposite directions for EMIs and payment providers. T+0 settlement and tokenised money market funds have removed that trade-off, leaving little reason to keep treasury reserves parked in low-yield accounts.

Electronic money institutions sit on billions in safeguarded client funds that earn nothing — not because the regulation prevents it, but because standard settlement infrastructure wasn't built for EMI safeguarding windows. The yield is there. The barrier is timing.