美银：稳定币颠覆性应用在跨境P2P支付，年化或催生高达750亿美债需求

Group 1 - The core viewpoint of the report emphasizes the transformative potential of stablecoins in the financial system, particularly in cross-border transactions and retail settlements, despite regulatory controversies [1][2] - Cross-border peer-to-peer (P2P) payments are identified as the most disruptive application of stablecoins, offering significant advantages in settlement efficiency and cost compared to traditional banking systems, potentially becoming a vital channel for capital flow in emerging markets [1] - The report highlights that the demand for stablecoins in the U.S. Treasury market could reach between $25 billion to $75 billion over the next 12 months, although this is insufficient to alter the current supply-demand dynamics in the Treasury market [1] Group 2 - There is a noticeable divergence in attitudes between the banking and retail sectors towards stablecoins, with traditional financial institutions expressing caution due to customer readiness issues, while retail giants like Amazon and Walmart are actively promoting stablecoin adoption through incentives [2] - The GENIUS Act's loopholes have become a focal point in the industry, as it prohibits direct interest payments by stablecoin issuers but allows for reward mechanisms through partnerships with exchanges, raising concerns about potential shifts of bank deposits to on-chain systems [2] - The long-term vision proposed by the report includes the trading of on-chain financial assets, which could significantly reduce the need for fiat currency exchanges, although this transformation will require years and substantial infrastructure investment [2][3]