White House crypto advisor says stablecoins compliant with the GENIUS Act may bring inflows of US dollar deposits

Patrick Witt, Executive Director of the U.S. Presidential Digital Asset Advisory Committee, stated that stablecoins meeting the requirements of the GENIUS Act could drive deposit inflows into the U.S. banking system. There is enormous global demand for the U.S. dollar, and foreign users exchange their local currencies for stablecoins issued by U.S. institutions, prompting a net inflow of funds into the U.S. banking system.