Recently, the U.S. passed the GENIUS Act, introducing a regulatory framework for the stablecoin market. This move has sparked enthusiastic reactions within the cryptocurrency community but has raised alarms in the traditional banking sector. The act not only regulates the $288 billion stablecoin market but has also ignited fierce debates over its potential "loopholes," which could lead to billions of dollars flowing from traditional banks to cryptocurrency exchanges, thereby reshaping the global financial landscape.

Why Are Banks Feeling the Pressure?

The GENIUS Act stipulates that stablecoin issuers cannot directly pay interest but allows third-party exchanges to provide yields for stablecoins like Circle or Tether. This rule means that while banks can issue their own stablecoins, they cannot offer interest on these deposits. This has raised widespread concerns in the banking industry: cryptocurrency exchanges may attract customers by offering higher returns, leading to a loss of deposits for traditional banks.

Industry organizations such as the American Bankers Association, the Bank Policy Institute, and the Consumer Bankers Association have explicitly opposed the act, calling it a legal "loophole." They worry that customers may move their funds to cryptocurrency platforms in pursuit of higher yields, undermining the banks' funding base. Ronit Ghose, Citi's head of future financial services, warned that the rise of high-yield alternatives like stablecoins could trigger a capital outflow similar to the money market fund craze of the late 1970s to early 1980s. At that time, the size of money market funds surged from $4 billion in 1975 to $235 billion in 1982, far exceeding bank deposits, as regulated interest rates diminished banks' competitiveness. According to Federal Reserve data, between 1981 and 1982, bank withdrawals exceeded new deposits by $32 billion.

Sean Viergutz from PwC further pointed out that if exchanges offer attractive returns while banks are constrained by interest rate caps, consumers may transfer funds on a large scale. This not only threatens the liquidity of banks but could also have far-reaching effects on the entire financial system.

Optimistic Voices from the Cryptocurrency Community

Despite the banking industry's concerns, cryptocurrency supporters believe the GENIUS Act presents opportunities for financial innovation. Cryptocurrency entrepreneur Lark Davis stated that stablecoins will not threaten the financial system; rather, they may drive innovation in banks and create a more vibrant financial ecosystem. He emphasized that stablecoins operate on Layer-1 platforms like Ethereum through smart contracts, and for every tokenized dollar of stablecoin, there is an increased demand for blockchain networks (like Ethereum). This is also why institutional investors are scrambling to accumulate Ethereum (ETH). Davis believes that stablecoins will provide consumers and institutions with more flexible and competitive financial options, fundamentally changing the landscape of traditional banking services.

Intensifying Global Competition

The implementation of the GENIUS Act not only affects the U.S. but also creates ripples globally. The Trump administration and Treasury Secretary Scott Bessent indicated that stablecoins could stimulate demand for U.S. bonds, enhancing the global influence of the dollar. Meanwhile, industry leaders in the UK are calling for a national stablecoin strategy to maintain competitiveness in the digital finance sector. China is also exploring a yuan-backed stablecoin aimed at elevating its currency's global standing.

Conclusion

The GENIUS Act is both a milestone for the stablecoin market and an unprecedented challenge for traditional banking. Its "loopholes" could lead to funds flowing from banks to cryptocurrency exchanges, reminiscent of historical capital outflows. However, the cryptocurrency community views it as an opportunity for financial innovation, promoting a more competitive and adaptive financial ecosystem. As countries around the world accelerate their stablecoin strategies, competition in the digital payment space will intensify, and the transformative potential of stablecoins is becoming evident globally. In the future, the interplay between traditional banks and emerging digital finance will profoundly influence the evolution of the global financial landscape.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。