Bank of America Merrill Lynch: Stablecoins will have a disruptive impact on traditional bank deposits and payment systems

PANews reported on July 21 that according to Phoenix.com, the latest research report from Bank of America Merrill Lynch shows that as the US stablecoin regulatory framework gradually takes effect, stablecoins will have a disruptive impact on traditional bank deposits and payment systems in the next 2-3 years. The US President has signed the GENIUS Act to set a preliminary framework for stablecoin regulation. In the short term, the stablecoin market is expected to grow by $25-75 billion, which will boost demand for US short-term Treasury bonds. Although major banks are cautious about domestic payment applications, they generally believe that cross-border payments are a feasible scenario and have begun to deploy related businesses, including JPMorgan Chase's deposit tokens and Bank of New York Mellon's custody services.