#资产代币化 Cornell University's research data is worth a look. The market capitalization of stablecoins has surged, yet bank deposits have not experienced the large-scale outflows expected—this underlying economic logic is quite clear: deposit stickiness is far more resilient than imagined.

The reason users don't move their savings to digital wallets for just a few basis points of additional yield is fundamentally due to the high convenience cost of "bundled services." Mortgages, direct salary deposits, and credit card bills are all tied to checking accounts, and the friction caused by this bundling effect is enough to offset the attractiveness of stablecoins.

But this does not mean stablecoins are insignificant. On the contrary—they play a role in enforcing discipline. Once banks face credible alternatives, they can no longer rely on user inertia to earn passive income, but are forced to raise interest rates and optimize operational efficiency. This is exactly how competition should look.

From an on-chain perspective, the real value lies in the "atomic settlement" enabled by tokenization—cross-border funds are settled instantly, without being trapped in intermediary banking systems for days. Once the liquidity currently held by intermediaries is released, the efficiency of financial infrastructure will improve by an order of magnitude.

Under the framework of the 《GENIUS Act》, stablecoins are no longer in the gray area of shadow banking, but are incorporated as regulated and transparent tools. Bank resistance is futile; this transformation will ultimately become a gold mine.