Stablecoin Impact on US Dollar Demand: A Debate Erupts

The U.S. financial landscape is grappling with a debate regarding the impact of stablecoins, as per ChainCatcher data. Following the introduction of the GENIUS Act, legislation that marks the first step towards regulating stablecoins in the United States, Wall Street is divided on their potential to bolster demand for the U.S. dollar and drive new interest in short-term U.S. Treasury bonds. Strategists from institutions like JPMorgan, Deutsche Bank, and Goldman Sachs are currently hesitant to declare stablecoins as game-changers.