Exchange Policy Head: Stablecoins Can Boost Dollar Demand and Drive Payment Modernization

An exchange policy head, Faryar Shirzad, posted on X stating that the arguments from the US banking industry against stablecoins are unfounded. The $6.6 trillion mentioned in the banking industry's TBAC report refers to the total deposit amount in all US bank transaction accounts, not the actual potential scale of deposit outflows. The same report predicts that by 2030, the total amount of stablecoins in circulation will only be $2 trillion. Bank deposits are stable, and investors do not frequently transfer funds. Currently, the vast majority of stablecoins are held overseas, and the demand for stablecoins related to the GENIUS Act may mainly come from overseas markets. Stablecoins are tools to enhance demand for the US dollar and promote the modernization of the payment system, not a threat to the banking industry.