高盛：稳定币的监管演进与多维度影响研究：基于《天才法案》法案分析-250819（英文版）（24页）.pdf

1、 ISSUE 141|August 19,2025|8:40 AM EDTInvestors should consider this report as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to Goldman Sachs Group,Inc.Its been the summer of stabl ecoi ns.The r ecen

2、tl y-passed GENIUS Act has cr eated the fir st feder al r egul ator y system for stabl ecoi ns,major compani es ar e expl or i ng l aunchi ng thei r own stabl ecoi ns,and USDC i ssuer Ci r cl e r ecentl y went publ i c to much fanfar e.So,does the stabl ecoi n summer have stayi ng power?For mer Acti

3、 ng Comptr ol l er of the Cur r ency Br i an Br ooks bel i eves so,ar gui ng that the sense of safety ar ound stabl ecoi ns the GENIUS Act pr ovi des wi l l unl eash a stabl ecoi n“gol d r ush”.We then expl or e what stabl ecoi n pr ol i fer ati on coul d mean for stabl ecoi n i ssuer s(the commer c

4、i al oppor tuni ty shoul d gr ow as asset tokeni zati on expands),tr adi ti onal payment r ai l s(the r i sks ar e gener al l y over stated),Tr easur i es(i t depends),and bank deposi ts(l i kel y l i mi ted i mpact for now).And we di g i nto the potenti al i mpl i cati ons for financi al stabi l i

5、ty,wi th UC Ber kel eys Bar r y Ei chengr een qui te concer ned that stabl ecoi n pr ol i fer ati on coul d l ook l i ke the pr obl emati c Fr ee Banki ng Er a,but Br ooks adamantl y di sagr eei ng wi th thi s compar i son.“INTERVIEWS WITH:Brian Brooks,For mer Acti ng Comptr ol l er of the Cur r enc

6、y;Chai r man and CEO,Mer i di an Capi tal Gr oup;Boar d member,Str ategy Barry Eichengreen,Pr ofessor of Economi cs and Pol i ti cal Sci ence,Uni ver si ty of Cal i for ni a,Ber kel ey STABLECOINS:IMPLICATIONS FOR US TREASURIES Wi l l i am Mar shal l and Bi l l Zu,GS Rates Resear ch STABLECOINS:THE