Techub News reports that Patrick Witt, Executive Director of the U.S. President's Working Group on Digital Assets, stated on the X platform that stablecoins compliant with the GENIUS Act framework will actually bring deposit inflows to the U.S. banking system, rather than draining deposits as the banking industry warns. Witt pointed out that there is a huge global demand for the US dollar, with foreigners exchanging stablecoins for local currency with U.S. issuers, which means new net capital is entering the U.S. banking system. Earlier this month, Witt also said that paying yields on balances does not necessarily require banking-style regulation; what truly needs regulation is the lending or re-hypothecation of the dollars that make up the balances, and the GENIUS Act explicitly prohibits stablecoin issuers from engaging in the latter.