Bank of America: Four major market sectors—Ethereum, traditional banks, payment companies, and e-commerce platforms—will benefit from the stablecoin boom

According to CoinWorld, on July 15 (UTC+8), Bank of America noted that with the (GENIUS Act) set to be voted on in the U.S. House of Representatives this week, the stablecoin market is about to experience explosive growth, benefiting four major market sectors: Ethereum, traditional banks, payment companies, and e-commerce platforms. Ebrahim Poonawala, Head of North America Bank Research at Bank of America, stated that Ethereum, as the core technology for stablecoins, supports more than half of the existing stablecoins, which have risen over 18% in the past month. Traditional banks, such as JPMorgan and New York Bank, are betting on stablecoin technology and may benefit from favorable legislation. Payment companies like Visa, Mastercard, and PayPal may also benefit from increased adoption of stablecoins. These companies have been developing stablecoin functionalities for years, enabling them to integrate new technologies into existing infrastructures. E-commerce platform Shopify plans to launch USDC payment services, and Shopify's stablecoin functionality will allow merchants to connect more easily with global customers. Poonawala expects that comprehensive construction of stablecoin infrastructure will take three to five years.