#加密货币监管政策 When I observed the Libra controversy in 2019, I was thinking—panic in the financial system often stems from excessive imagination of new things. At that time, the entire market was filled with an apocalyptic atmosphere, as if stablecoins would drain the banking system overnight. But over the years, reality has given us a calm answer.

A few days ago, I read research data from Cornell University, which truly validated my observations over these years. Although stablecoins have experienced explosive growth, there has been almost no loss of bank deposits. Why? Because people underestimate the power of "stickiness." Mortgage loans, wages, credit cards—how tightly these service bundles are integrated determines how high the cost is for users to transfer their funds. No matter how convenient a digital wallet is, it’s hard to break this complete service ecosystem.

The real change is not about "who will die," but about "who is forced to improve." The existence of stablecoins itself is a threat—though not a destructive one, it is enough to make banks abandon the assumption of "user lock-in." They start raising deposit interest rates and optimizing clearing efficiency because the possibility of exit becomes real. It’s like the music industry facing the internet—initially panic and resistance, but eventually understanding that streaming is not an enemy, but an upgrade.

Now, the 《GENIUS Act》 has solidified the regulatory framework, requiring full reserves and clear redemption rights. This eliminates the previous "bank run risk" disaster theory. The real benefits lie in efficiency—atomic-level settlement, cross-border instant transfers—these pain points that the financial system has not solved for decades, are easily cracked by tokenization. Liquidity frozen on the way will be released, and costs will drop significantly.

From a historical cycle perspective, every technological innovation goes through the stages of "demonization—coexistence—integration." Stablecoins have long since passed the demonization stage. Now, it’s a moment for the banking industry to make a choice: continue to profit from the system’s outdated "delay," or learn to charge for "speed" and "efficiency" itself. The future of finance is not about replacement, but about those institutions that can adapt quickly, turning new tools into their competitive advantage.