As tokenized money market funds get more and more popular, such yield-bearing stablecoins may pose a risk to idle bank deposits. https://t.co/HXi9SIHevF ...

EXCLUSIVE: JPMorgan says regulators outside US appear to prefer tokenized bank deposits over stablecoins https://t.co/Li1cOe0FeQ ...

Investment Rating - The industry view for large-cap banks in North America is rated as In-Line [8] Core Insights - Stablecoins currently do not serve as a substitute for bank deposits due to their lack of yield and limited acceptance as a payment tool, but this could change as the market evolves [2][11] - The growth of stablecoins could significantly impact the Treasury market, as they hold a considerable share of T-bills, with Tether holding approximately 66% of its reserves in T-bills, representing about 2% of the total T-bill market [4][15] - Institutional use cases, such as faster settlement and collateral mobility, are expected to drive further adoption of stablecoins [5] - The regulatory landscape for digital assets is evolving, with the Genius Act having passed the Senate, which will shape how stablecoins interact with the broader financial system [6][20] Summary by Sections Potential Implications for Bank Deposits - Stablecoins are not a current threat to bank deposits but banks should not be complacent and may consider issuing their own tokenized deposits [2][12] Stablecoins vs. Money Market Funds - Stablecoins are more regulated and cannot pay interest, treating holders as creditors, while money market funds can offer yields and equity ownership [3][13] Treasury Market Impact - The growth of stablecoins could increase demand for U.S. Treasury bills, providing the Treasury with a more stable buyer base for short-term debt [4][15][17] Growth Drivers - The current market cap of stablecoins is $263 billion, primarily driven by retail users, but institutional adoption is expected to fuel future growth [18] Legislative Outlook - The final regulatory frameworks will significantly influence the interaction of stablecoins with the financial system, with the Genius Act and Clarity Act being key legislative efforts [6][20]

智通财经5月3日电，美联储数据显示，美国上周银行存款18.108万亿美元，之前一周18.105万亿美元。 ...