Will stablecoins expand the money multiplier? More and more traditional banking giants will enter the stablecoin field in the future, and now we can see actions or plans to promote them, such as JPMorgan Chase, Citibank, and Bank of America. However, the reserve business model of banks is still different from the fully collateralized stablecoin model specified in the Genius Act. Under the requirements of the Genius Act, future banking giants entering stablecoins will also require full collateral rather than reserve mode. On the other hand, I do think stablecoins have the function of expanding the money multiplier. In the traditional financial scenario, the user takes 10000 US dollars to buy treasury bond through the bank, which is equivalent to spending by the Ministry of Finance, but the user's treasury bond is completely unable to move. But in the stable currency scenario: the user took 10000 dollars to cast 10000 stable currencies through the stable currency issuer, the issuer took 10000 dollars of full mortgage to buy treasury bond, and the Ministry of Finance got 10000 dollars. Then users can use these 10000 stablecoins to trade on chain assets, trade US stocks, and even make offline purchases directly through U-cards. Upon seeing the user's $10000, a final effect of $20000 appeared. From the above perspective, it should have the effect of expanding the money multiplier. Of course, from a strictly defined perspective, there may be a new term to define this phenomenon in the future.