TechFlow News, March 12: According to The Block, Patrick Witt, Executive Director of the Trump Administration’s Digital Assets Advisory Committee, stated that stablecoins compliant with the GENIUS Act’s regulatory requirements would “effectively drive net deposit inflows” into the U.S. banking system, countering concerns raised by traditional banking groups.
Previously, several traditional banking groups had warned that yield-bearing stablecoins could lead to deposit outflows from the U.S. financial system. In contrast, Patrick Witt holds the opposite view, arguing that the promotion of compliant stablecoins would attract global capital to be held in the U.S. banking system as dollar-denominated assets, rather than causing capital outflows.
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