[Bank of America: Stablecoins Will Intensify Competition with Money Market Funds] A Bank of America report states that demand for U.S. Treasury securities from stablecoins is expected to grow by $25 billion to $75 billion over the next year, which will exert greater competitive pressure on money market funds (MMFs). Some MMF clients are exploring tokenization to address the competition. In July of this year, BNY Mellon and Goldman Sachs successfully completed the transfer of tokenized MMF shares. The report highlights that MMFs need to complete tokenization within a limited timeframe and offer competitive yields to respond to potential innovations and regulatory changes in the stablecoin industry.