The recently passed GENIUS Act in the US has sparked considerable debate on Wall Street. Can this first stablecoin legislation really boost demand for the US dollar and bring new buyers to the short-term US Treasury market? There are quite a few differing opinions.

Strategy teams at JPMorgan, Deutsche Bank, and Goldman Sachs are all taking a cautious stance. Their consensus is that it's too early to say this will bring about a "structural change." After all, passing legislation is one thing, but the actual impact in practice still needs time to be verified by the market.

Stablecoins are indeed closely linked to US Treasuries and the dollar, and in theory, their expansion could increase demand for these assets. However, traditional financial institutions are clearly less optimistic—they are more concerned with the specifics of policy implementation, market acceptance, and whether the regulatory framework can truly attract new capital. In the short term, a wait-and-see attitude may persist for a while.