With the growing popularity of stablecoins, banks are beginning to lose their positions. The GENIUS Act is already affecting the market, forcing financial institutions to restructure.
The GENIUS Act and Its Market Impact
The GENIUS Act, which came into force less than a month ago, aims to control the 'wild growth' of stablecoins. It requires that these tokens be backed by highly liquid assets, which in turn opens up new opportunities for stablecoin infrastructure. According to forecasts, this market could reach $2 trillion by 2028.
Banks' Concerns and the Evolution of Their Models
Banks are concerned that the popularity of stablecoins could lead to deposit outflows. This causes real anxiety as deposits provide their core business. Banks are noticing pressure on their models as customers may benefit from stablecoins compared to traditional deposits.
Prospects for Stablecoins and the Banking Sector
However, moving beyond conflict is possible. Some banks have already begun to adapt by introducing tokenized products and cooperating with stablecoin issuers. Stablecoins are becoming not only a tool for users but also a financial instrument for the U.S. government. This means that both banks and stablecoins face new prospects in the future.
The situation in the financial market is changing. The GENIUS Act will not be a final point, but the beginning of a new phase that will force banks to adapt. A bank that does not rush toward innovation risks being pushed aside in the industry.
