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Bloomberg: Wall Street Questions Stablecoin Impact, Asserts Changing Game Rules Premature
Summary: According to Bloomberg, following the US's first stablecoin legislation, the GENIUS Act, Wall Street is divided on whether stablecoins can truly boost demand for the US dollar and bring new buying pressure to short-term US bonds. Strategists from institutions like JPMorgan, Deutsche Bank, and Goldman Sachs generally believe that it is premature to assert stablecoins ...
According to Bloomberg, following the US's first stablecoin legislation, the GENIUS Act, Wall Street is divided on whether stablecoins can truly boost demand for the US dollar and bring new buying pressure to short-term US bonds. Strategists from institutions like JPMorgan, Deutsche Bank, and Goldman Sachs generally believe that it is premature to assert stablecoins as game-changers.
US Treasury Secretary Benson estimates the stablecoin market will grow from the current $300 billion to $3 trillion by 2030, potentially increasing demand for short-term government bonds. However, skeptics point out that stablecoin funds mainly come from existing sources, potentially just shifting bond holders rather than creating new demand.
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Link: Bloomberg: Wall Street Questions Stablecoin Impact, Asserts Changing Game Rules Premature [Copy]
