#稳定币竞争与发展 Seeing this research paper really feels like lifting the fog. Over the years, there have been endless debates about "stablecoins crashing banks," but the data has already spoken—massive deposit withdrawals simply haven't happened.

Why is that? Because people overlook a fundamental reality: banks control not just money, but the entire hub of financial life. Mortgages, credit cards, direct salary payments—all intertwined there. This "bundling" creates such strong stickiness that people are willing to accept lower interest rates and poorer services.

But here comes the most interesting twist—while stablecoins can't kill banks, they force a change in the game rules. They are like a competitive knife, making banks realize they can no longer rely on inertia. Banks must offer higher deposit rates, improve operational efficiency, and truly compete on service itself. This isn't destruction; it's a catalyst.

The deeper opportunity lies in efficiency. How many businesses are burdened by the outdated cross-border payment system? Funds take days to move between correspondent banks. Stablecoins bring atomic-level settlement—instant, transparent, traceable. This means huge dividends for upgrading the international status of the US dollar and unlocking global liquidity.

What the GENIUS Act is doing is shifting this competition from the "offshore underground" to the "domestic sunlight." Once the regulatory framework is clear, real reform can begin. Banks are not to be eliminated but to undergo transformation in this wave.

This is the future I see: not a zero-sum game between banks and stablecoins, but an overall upgrade of the financial system.