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

ChainCatcher news, according to Bloomberg, after the US passed its first stablecoin legislation, the GENIUS Act, Wall Street is clearly divided over whether stablecoins can truly boost demand for the US dollar and bring new buyers for short-term US Treasuries. Strategists from institutions such as JPMorgan, Deutsche Bank, and Goldman Sachs generally believe it is too early to call stablecoins a game changer.

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