杰富瑞报告:稳定币普及或致银行未来五年存款流失3%至5%

Gate News 消息,3 月 11 日,投资银行杰富瑞(Jefferies)发布研究报告指出,随着数字美元在支付和加密市场应用范围扩大,稳定币的普及可能逐步侵蚀传统银行利润。分析师预计,未来五年内银行核心存款可能流失 3% 至 5%,导致平均银行盈利下降约 3%,主要原因是融资成本上升和费用收入承压。

报告认为,虽然稳定币不会引发突然的存款挤兑,但来自新兴活动型收益机会和支付用例的逐步存款流失风险不容忽视。2025 年 GENIUS 法案禁止受监管稳定币发行方直接向被动持有者支付收益,降低了短期内存款急剧流失的风险。但长期来看,稳定币交易、支付结算的活动型奖励,以及 DeFi 质押和借贷协议的收益仍可能对银行存款构成类似威胁。杰富瑞指出,零售存款和计息存款占比较高的银行面临更大风险。

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