Disclosures · public record
What Normies is, and isn’t.
The important stuff, in plain English, alongside the legal text. If anything below surprises you, stop and read it twice before you fund your account.
Normies is not a bank. Balances held through Normies are not deposits and are not insured by the FDIC, SIPC, or any government agency. Yield is variable and paid by a third-party DeFi protocol. You can lose money, including your entire balance.
- FDIC insuredNo
- SIPC protectedNo
- YieldVariable
- CustodyYou hold the keys
This page covers every material risk and relationship. Read it in full before you fund your account.
Entity & role
We make software. The software lets you hold stablecoins yourself and spend them. We don't hold your money.
Normies Labs LLC ("Normies," "we," "our") is a Delaware limited liability company that operates a self-custody wallet, card-issuance integration, and DeFi-yield routing product. We are a software publisher. We are not a bank, broker-dealer, money transmitter of record, money services business, investment advisor, or custodian. We do not take custody of your funds at any point.
The software interacts with third-party protocols and licensed partners that hold or process your funds on your behalf, under your signature, on public blockchains.
2 · Who holds whatPartners & issuers
Circle issues the dollars. Aave pays the yield. Rain and its bank partner issue the card. Normies just wires them together.
| Role | Party | What they do |
|---|---|---|
| Stablecoin issuer | Circle Internet Financial, LLC | Issues USDC and holds the reserves backing it. Publishes monthly reserve attestations. |
| Yield venue | Aave V3 (decentralized protocol) | Non-custodial lending protocol that pays variable interest on deposited USDC. |
| Card program | Rain Cards, Inc. | Card program manager. Pulls USDC at point of sale and settles in USD with the network. |
| Card issuer | Rain's US issuing bank partner (disclosed at card activation) | Issues the Visa card on the BIN and holds the transient settlement float. |
| Network | Visa, Inc. | Authorizes, clears, and settles card transactions. |
| Chain | Base (L2 of Ethereum) | The public blockchain your USDC and yield positions live on. |
| Key management | Normies Labs LLC (MPC software) | We publish the MPC software that lets you authorize transactions. Keys never leave your devices. See Security. |
Your Normies balance
Your balance is USDC sitting at a blockchain address that only you can sign for. It is not a deposit and we are not the issuer.
Your Normies balance consists of tokens (primarily USDC) held at a blockchain address for which you, and only you, hold the signing key. That token is a claim against the issuer of the underlying asset (Circle, in the case of USDC). Normies does not issue the token, does not hold reserves backing it, and cannot freeze, claw back, or reverse transactions you authorize.
When your balance is earning yield, the tokens are deposited into a third-party DeFi smart contract (Aave V3), which issues you a receipt token (aUSDC) representing your claim against the Aave pool.
4 · How yield worksYield & APY
Yield comes from Aave, not from us. It changes by the second. Past rates don't predict future rates.
Yield is generated by depositing your balance into Aave V3, a third-party DeFi lending protocol. Aave pays lenders with interest earned from overcollateralized borrowers.
- Variable: Yield is paid per block and can change at any time. Historical yield is not indicative of future yield.
- Displayed APY: The APY displayed in the app reflects the current lending rate on the relevant asset at the time of display, annualized, net of any protocol-level spread. It is not a guaranteed rate.
- Not a promise: Normies does not set, guarantee, subsidize, or underwrite the yield rate. Rates can drop to zero or, in adverse conditions, go briefly negative through liquidity events.
- Comparisons: Any "up to 5× your bank" or similar comparison reflects a point-in-time spread between the Aave V3 USDC lending rate and the FDIC-published national average checking APY for the same period. It is not forward-looking.
Card & spending
When you swipe, Rain sells the exact USDC needed for your purchase and settles with Visa in dollars. Your yield keeps compounding on the rest.
Normies cards are issued by a US bank partner through Rain. At the point of sale, Rain withdraws the exact USDC amount from your balance, converts it to USD at the card network's quoted FX rate (including any network-imposed cross-border fee where applicable), and settles with the merchant through Visa.
- Authorization holds: Merchants may authorize amounts greater than the final transaction (e.g., hotels, gas stations). These holds are released by the merchant; we cannot release them unilaterally.
- Declines: Your card may decline if your USDC balance is insufficient, if Rain's underlying system is unavailable, if the Base network is congested, or at the network/issuer's discretion for risk reasons.
- Chargebacks: Dispute rights are governed by Visa's rules and by the issuing bank. We will assist in filing disputes but cannot guarantee outcomes.
- No interchange markup: Normies does not charge a markup on interchange. The network and issuer retain their standard interchange and FX margins.
Fee schedule
No monthly fee. No swipe fee at home. Third-party costs (network FX, Aave spread, gas) apply.
| Item | Amount | Notes |
|---|---|---|
| Account / monthly fee | Free | No subscription or minimum balance. |
| Domestic card transactions | Free | No Normies markup. |
| Foreign transaction fee | Up to 1.0% | Passed through from the card network / issuer. Shown before you confirm where possible. |
| ATM withdrawal | $2.50 + operator fee | ATM owner may charge additional surcharges outside our control. |
| On-chain deposit (USDC to Base) | Free from Normies | Sender pays network gas. |
| On-chain withdrawal | Network gas only | Typically <$0.05 on Base. |
| Yield protocol spread | 0.00% | Normies takes no spread on Aave yield at this time. We reserve the right to introduce one with 30 days' notice. |
| Card replacement (lost/stolen) | $0 first / $5 after | First replacement per 12-month period is free. |
Fees are quoted in USD and may be settled in USDC at prevailing rates. Schedule last reviewed April 20, 2026.
7 · What's insured, and what isn'tInsurance & protection
Your balance is not FDIC- or SIPC-insured. Period. The card issuer's operational float may be, briefly, but that doesn't protect your actual balance.
- FDIC: Not applicable to your balance. Normies is not a bank and does not hold deposits.
- SIPC: Not applicable. Normies is not a broker-dealer.
- Card issuer pass-through: Funds held transiently by Rain's issuing bank during card settlement may be FDIC-insured at the issuing bank, up to applicable limits, for the brief window they exist in a pooled operational account. This does not insure your overall Normies balance.
- USDC reserves: USDC is backed by reserves held by Circle at regulated US financial institutions and in short-dated US Treasuries. Circle publishes monthly attestations. This is not deposit insurance and does not extend to you.
- Aave Safety Module: Aave maintains a $250M+ DAO-governed safety module intended to backstop certain shortfall events. It is not insurance and not guaranteed to cover losses.
Material risks, read these
All of these are real. Most are low-probability. "Low" is not "zero." If you can't afford to lose what you put in, don't put it in.
Smart-contract risk Severe
Aave V3 and other integrated protocols are software. A critical vulnerability, economic attack, or governance compromise could result in partial or total loss of deposited funds. Aave has a multi-audit record, the $250M+ DAO-managed safety module, and a five-year production track record, but none of these eliminate the risk.
Stablecoin depeg risk Severe
USDC is a US-dollar-backed stablecoin. It can, and in March 2023 briefly did, lose parity with the US dollar during a reserve-bank disruption. A sustained depeg would reduce the purchasing power of your Normies balance. Circle's reserves are attested monthly; this remains a non-zero risk.
Key-management risk Severe
Normies uses MPC key management (see Security). If you lose access to both your device and your recovery credentials simultaneously, funds may be permanently unrecoverable. We strongly recommend enabling passkey backup and verifying recovery email delivery before funding your account with material amounts.
Network risk Material
Base and Ethereum are public blockchains with sequencer and validator risk, respectively. Temporary chain halts, reorgs, or fee spikes can delay or increase the cost of transactions and can briefly block deposits, withdrawals, and card settlements. Normies is not liable for such events.
Partner risk Material
Insolvency, regulatory action, or operational failure at Rain, its issuing bank partner, Circle, or Visa could disrupt card access, yield, redemptions, or your ability to move funds. Our redundancy plans cannot eliminate this risk.
Regulatory risk Material
Crypto and stablecoin regulation is evolving. A future rule or enforcement action could materially change the availability, yield, tax treatment, or legality of products offered through Normies in your jurisdiction. We may be required to restrict access or wind down features with limited notice.
Operational & software risk Ordinary
Like any software, the Normies app can have bugs, outages, or UI errors. We maintain an incident process and status page, and we carry errors-and-omissions coverage appropriate for our stage, but we cannot guarantee zero downtime or zero defects.
Tax & reporting risk Ordinary
On-chain yield, token movements, and card purchases may generate taxable events in your jurisdiction. We provide exports but do not file on your behalf and are not your tax advisor.
Self-custody & keys
You own the wallet. We can't move your funds. That also means we can't recover them for you if you lose your keys and every backup.
Normies is a self-custody product. At no point does Normies Labs LLC, or any of its employees, hold a key or credential sufficient to move your funds. This is a deliberate design choice: it means your funds are not exposed to our insolvency, seizure, or insider action. It also means:
- We cannot reverse a transaction you authorized, even if it was a mistake or the result of a scam.
- We cannot log in as you, reset your keys without your recovery material, or "unfreeze" a wallet for you.
- We cannot comply with a court order or subpoena that directs us to move your funds; we can only disclose information we actually possess.
You should back up your passkey and verify your recovery email on a second device before you fund your account. Details: Security.
10 · Where we operateJurisdictional notices
Normies is a US product. Availability and disclosures vary by state and by country. Some places, we can't serve you at all.
Marketing claims
Any specific number on our marketing pages is an example, not a promise.
Any specific APY, "$X earned," waitlist counter, or comparison figure shown on our marketing pages is illustrative. Actual figures will be recomputed at the time you fund your account and may be materially higher or lower. Joining the waitlist does not obligate you to use the product, does not reserve funds, and does not entitle you to a fixed position; any "spots remaining" counter is indicative and not contractual.
12 · TaxTax
Yield is probably taxable. Card spending can be too. Talk to a professional.
Yield received through Normies may be taxable as ordinary income in your jurisdiction. Card transactions that trigger on-chain transfers may generate additional taxable events. We will provide CSV transaction exports and are working toward native 1099 reporting. Normies is not a tax advisor. Consult your own.
13 · If something goes wrongComplaints & support
Email us first. If it's card-related and we can't resolve it, the card issuer and the CFPB are your next steps.
- For disputes, outages, or product complaints: support@normies.co. We aim to respond within one business day.
- For legal and regulatory matters: legal@normies.co.
- For card disputes we cannot resolve, the issuing bank's complaint process is disclosed on your card carrier and in-app. You may also contact the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.
- For regulated money-transmission complaints in states where applicable, contact your state financial regulator.
Version history
- 2026.04. April 20, 2026 (current)
- Expanded disclosures into 14 sections. Added partners & fee tables, full risk-card taxonomy, jurisdictional notices, complaints process, and version history.
- 2026.02. February 14, 2026
- Added Rain card program disclosures and FX pass-through language. Clarified Aave yield spread.
- 2025.11. November 3, 2025
- Initial disclosures at pre-launch waitlist open.
Questions about these disclosures?
