🚀 Debate Arises Over Stablecoin Impact on U.S. Dollar Demand
#Stablecoin #USDollar #TreasuryBonds #GENIUSAct #JPMorgan #DeutscheBank #GoldmanSachs #USMarket #StablecoinGrowth #TreasurySecretary #FinancialDebate #Cryptocurrency
According to ChainCatcher, following the passage of the first stablecoin legislation, the GENIUS Act, in the United States, Wall Street is divided on whether stablecoins can significantly boost demand for the U.S. dollar and create new buying interest in short-term U.S. Treasury bonds. Strategists from institutions such as JPMorgan, Deutsche Bank, and Goldman Sachs generally believe it is premature to declare stablecoins as game-changers.
U.S. Treasury Secretary Besant estimates that the stablecoin market could grow from its current $300 billion to $3 trillion by 2030, potentially increasing demand for short-term Treasury bonds. However, skeptics argue that the funds backing stablecoins primarily originate from existing sources, suggesting that stablecoins may merely shift existing Treasury holders rather than generate new demand.#Stablecoin #USDollar #TreasuryBonds #GENIUSAct #JPMorgan #DeutscheBank #GoldmanSachs #USMarket #StablecoinGrowth #TreasurySecretary #FinancialDebate #Cryptocurrency
🚀 Musk Hints at X Money's Internal Testing; Eric Trump Criticizes U.S. Banks
#Musk #XMoney #ElonMusk #InternalTesting #DepositYield #Cashback #EricTrump #USBanks #JPMorgan #WellsFargo #Stablecoins #Cryptocurrency #CLARITYAct #PoliticalLobbying #FinancialDebate
On March 5, Elon Musk shared a post suggesting that leaked images of X Money's internal testing are genuine. According to BlockBeats, the images indicate that X Money offers an annual deposit yield of up to 6% and includes a debit card feature with cashback benefits.
Meanwhile, Eric Trump, son of U.S. President Donald Trump, criticized major U.S. banks such as JPMorgan and Wells Fargo this morning. Eric Trump claimed that the banking industry's political lobbying aims to prevent Americans from accessing higher yields and attempts to undermine stablecoins to maintain their monopoly. Recently, a new debate has emerged over stablecoin yields amid the legislative process of the Cryptocurrency Market Structure Act, also known as the CLARITY Act.#Musk #XMoney #ElonMusk #InternalTesting #DepositYield #Cashback #EricTrump #USBanks #JPMorgan #WellsFargo #Stablecoins #Cryptocurrency #CLARITYAct #PoliticalLobbying #FinancialDebate