On May 9th, PANews reported that Alex Thorn, Head of Research at Galaxy, published an article on the X platform stating that his team released a model study on the impact of stablecoins on the US Treasury market and bank deposits. The study suggests that under the GENIUS Act, approximately 60% to 70% of stablecoin growth will come from offshore markets, with the ratio of offshore deposit inflows to domestic deposit migrations roughly 2:1. Each newly minted GENIUS stablecoin generates approximately 32 cents of net US credit, with total credit expansion reaching approximately $400 billion in the base case scenario and $1.2 trillion in the optimistic scenario by 2030. Treasury yields will compress by 3 to 5 basis points, saving taxpayers up to $3 billion in borrowing costs annually. Thorn believes that banks' concerns about the impact of stablecoins are misplaced; interest rate transmission is not a threat to the survival of the US banking industry, but rather a redistribution of profit margins rather than the elimination of banking capacity.