Hua Er Jie Jian Wen·2025-07-21 02:30Core Insights - The signing of the GENIUS Act by President Trump is paving the way for the issuance and regulation of stablecoins in the U.S., which may disrupt traditional banking systems in the next 2 to 3 years [1] - The CLARITY Act, which delineates the jurisdiction of the SEC and CFTC over the crypto market, has also passed the House and is now under Senate review, indicating a significant regulatory shift [1] - A report from Bank of America predicts a moderate growth of $25 billion to $75 billion in the stablecoin market, which is expected to increase demand for U.S. Treasury securities, particularly short-term bills [1] Group 1: Regulatory Developments - The GENIUS Act establishes an initial framework for stablecoin issuance and regulation, marking a significant regulatory breakthrough [1] - The CLARITY Act aims to clarify the roles of the SEC and CFTC in overseeing the crypto market, further solidifying the regulatory landscape [1] Group 2: Banking Sector Response - U.S. banks are preparing for the stablecoin era, with management expressing readiness to offer stablecoin solutions, although there are doubts about specific use cases, particularly in domestic payment scenarios [2] - Major banks like JPMorgan and Citigroup are exploring stablecoin capabilities, with JPMorgan launching its deposit token (JPMD) and Citigroup investing in digital asset services [5] Group 3: Cross-Border Payment Opportunities - Despite skepticism regarding domestic applications, bank executives see viable use cases for stablecoins in cross-border payments, with Bank of America highlighting small cross-border transactions as a realistic application [3] - Banks are closely monitoring developments in stablecoins and are prepared to act quickly if customer demand increases, indicating a proactive approach to potential market changes [3]