Bank of America:

Cross-border P2P payments may become the biggest disruptive scenario for stablecoins, potentially driving up to $75 billion in US Treasury demand annually.

Bank of America's latest research report indicates that stablecoins are gradually demonstrating their disruptive potential in the global financial system. Despite current regulatory uncertainties, stablecoins have shown unique advantages in scenarios such as cross-border payments and retail settlements.

The report particularly emphasizes that cross-border person-to-person (P2P) payments are the most disruptive application area for stablecoins. Compared to traditional banking systems, stablecoins have advantages in settlement efficiency and cost control, and are expected to become an important channel for capital flow in emerging markets.

On the retail side, Shopify's initiative to allow merchants to accept USDC payments is seen as a landmark event for stablecoin penetration in the consumer sector; on the institutional side, UST tokenized bonds completed on-chain repurchase transactions, further highlighting institutional investors' recognition of stablecoins' settlement functionality.

In terms of market demand, Bank of America expects that within the next 12 months, the potential demand for stablecoins in US Treasury securities will range between $25 billion and $75 billion. However, the report also points out that this scale is still insufficient to change the overall supply and demand dynamics of the US Treasury market in the short term.