Bloomberg: Wall Street Questions Stablecoin Impact, Asserts It's Too Early to Call It a Game Changer

According to ChainCatcher, citing Bloomberg, after the United States passed its first stablecoin legislation, the GENIUS Act, there is a clear divide on Wall Street regarding whether stablecoins can truly boost demand for the US dollar and bring new buyers to short-term US Treasuries. Strategists from institutions such as JPMorgan, Deutsche Bank, and Goldman Sachs generally believe that it is too early to call stablecoins a game changer.

US Treasury Secretary Bessent estimates that the stablecoin market will grow from the current $300 billion to $3 trillion by 2030, which could increase demand for short-term government bonds. However, skeptics point out that stablecoin funds mainly come from existing sources and may simply shift holders of government bonds rather than create new demand.