Patrick Witt has suggested that stablecoins compliant with the GENIUS Act could attract new capital into the U.S. banking system. According to NS3.AI, Witt believes that foreign investors might convert their local currencies into stablecoins backed by the U.S. dollar due to the global demand for the currency. He argues that the funds backing these stablecoins would be held in U.S. banks, thereby increasing deposit levels.
