Deep Tide TechFlow News, March 12 — According to The Block, Patrick Witt, Executive Director of the Trump Administration's Digital Asset Advisory Committee, stated that stablecoins compliant with the GENIUS Act will "actually promote net deposit inflows" into the U.S. banking system, dismissing concerns from traditional banking groups.

Previously, several traditional banking groups warned that yield-bearing stablecoins could lead to deposits flowing out of the U.S. financial system. In response, Patrick Witt took the opposite stance, believing that the promotion of compliant stablecoins will attract global funds to settle in the U.S. banking system in the form of dollar-denominated assets, rather than causing capital outflows.