White House Crypto Advisor Claims Compliance with GENIUS Act, Stablecoins May Bring in Dollar Deposit Inflows

Patrick Witt, Executive Director of the US Presidential Advisory Council on Digital Assets, stated that stablecoins that meet the requirements of the GENIUS Act may drive deposits into the US banking system. The global demand for the US dollar is enormous, and foreign users exchange their domestic currency for stablecoins issued by US issuers, leading to a net inflow of funds into the US banking system.