[Jefferies Analyst: Stablecoin Boom May Erode Traditional Bank Profits] According to CoinDesk, investment bank Jefferies has released a report indicating that as the use of digital dollars expands in payment and crypto markets, the growing popularity of stablecoins may gradually erode the profits of traditional banks. Analysts predict that over the next five years, core deposits in banks may decline by 3% to 5%, leading to an average drop in bank earnings of approximately 3%, primarily due to rising funding costs and pressure on fee income. The report suggests that while stablecoins are unlikely to trigger a sudden deposit run, the gradual risk of deposit outflows stemming from emerging activity-based revenue opportunities and payment use cases should not be overlooked. The 2025 GENIUS Act prohibits regulated stablecoin issuers from directly paying yields to passive holders, reducing the risk of sharp deposit outflows in the short term. However, in the long term, activity-based rewards from stablecoin transactions, payment settlements, as well as yields from DeFi staking and lending protocols, may still pose similar threats to bank deposits. Jefferies pointed out that banks with a higher proportion of retail deposits and interest-bearing deposits face greater risks.