Demo #17 · BaaS Revenue · Treasury Yield · BaaS Hub

Allocation × Rate × Cost stack FDIC pass-through aware AP2 treasury mandate · @ainumbers.co/wallet-float-v1

The line on a BaaS P&L that actually pays the rent.

Model the wallet-float yield a BaaS programme earns on customer deposit balances — across the allocation mix (sweep deposits, MMF, non-yielding reserve), the rate environment (Fed Funds + MMF spread), and the cost stack (sponsor-bank share, BaaS provider take, per-account ops). Outputs net yield in basis points and annual dollars, revenue per active user, and a programme-economics flag. Exports an AP2 treasury mandate the runtime can re-evaluate when rates move.

Zero PII · Client-side Illustrative — your sponsor bank's economics will differ Last Reviewed · 2026-05-13

BaaS · Custody · FDIC pass-through

BaaS programmes do not hold deposits directly. Customer balances are held by a sponsor bank on a pass-through basis; some programmes additionally sweep into money-market mutual funds for higher yield (and lower regulatory-deposit treatment). FDIC pass-through insurance only applies when specific recordkeeping and disclosure requirements are met (12 CFR §330.5, §330.7). After the 2024 Synapse–Evolve receivership, the FDIC's December 2024 recordkeeping rule proposal tightened these expectations materially.

Sources: 12 CFR §330 (FDIC pass-through) · FDIC Recordkeeping Rule (proposed 2024) · GENIUS Act 2024 (stablecoin yield bar) · SEC Rule 2a-7 (MMF)

Value at risk · programme termination & custody misrepresentation

Synapse-Evolve precedent: $85M+ end-user losses, programme termination cascade, FDIC enforcement on misstated insurance

Wallet-float economics evaporate the moment a sponsor-bank programme terminates. The 2024 Synapse–Evolve failure produced mid-eight-figure end-user losses, multi-quarter receivership, and a wave of FDIC enforcement orders against fintechs that misrepresented pass-through insurance coverage. Sponsor-bank programme agreements typically include 60–90 day termination clauses if allocation or recordkeeping rules are breached. Binding the float-allocation policy into an AP2 mandate the runtime cannot silently relax — and that auditors can read — is the audit-grade response.

Synapse Ch. 11 (2024) · FDIC enforcement orders 2023–2025 · 12 CFR §330.5/§330.7 · FDIC Recordkeeping NPR 2024

§1 · Programme Deposits & Allocation — allocation

Balance & allocation mix

Total wallet balance and how it's split. Sweep deposits earn the sponsor-bank rate; MMF earns the SEC Rule 2a-7 fund yield; non-yielding reserve is held for daily-redemption liquidity.

Total programme deposits (USD) Sum of customer wallet balances at any moment.

$250M

Active users (count) Drives revenue-per-user readout. Dormant accounts excluded.

500,000

Sweep deposit allocation (%) Held at sponsor bank, eligible for FDIC pass-through.

50%

MMF allocation (%) SEC Rule 2a-7 government MMF for sweep-MMF programmes.

35%

Sweep deposits MMF (Rule 2a-7) Non-yielding reserve

§2 · Rate Environment Fed Funds × MMF spread

Yield assumptions

Fed Funds anchors sponsor-bank pricing. MMF spread is typically +5 to +25bps over Fed Funds for government MMFs net of fund expenses.

Fed Funds upper bound (%) Current target range upper bound. Sponsor-bank deposit rate paid on sweeps is typically Fed Funds − 50–100bps.

5.25%

Sweep-rate haircut vs. Fed Funds (bps) Sponsor bank pays Fed Funds minus this haircut on sweep deposits.

75 bps

MMF yield spread over Fed Funds (bps) Net of fund expenses; typical range +5 to +20bps for govt MMFs.

12 bps

§3 · Cost Stack Per-account + revenue share

Operating costs & partner take

BaaS provider and sponsor-bank typically share the float upside. Per-account ops cost includes KYC, monitoring, customer service amortised across the programme.

Per-active-user ops cost (USD / month) All-in fully loaded.

$1.20

Sponsor-bank revenue share (% of gross yield) Bank's cut of the float spread; varies by programme.

25%

BaaS provider revenue share (% of gross yield) Programme-platform provider's cut where applicable; set to 0 if direct.

10%

§4 · Output Live yield + AP2 mandate

Yield economics

Net yield (bps)

—

net of costs & revshare

Annual net revenue

—

per programme

Revenue / active user

—

$/year

Net margin

—

of gross yield

AP2 v1.0 · valid · @ainumbers.co/wallet-float-v1

Compose with

Pair with #6 — SME Credit Passport for the credit side of the BaaS balance sheet, or with #23 — AP2 AML Mandate Builder to wire the programme's AML obligations into the same runtime that reads this treasury mandate. Position in the 259-tool atlas: Tool Chain Composer, T156 node.