Golden Finance reports that the Federal Reserve has released the minutes from the July meeting, which mentioned that many participants discussed recent and future developments related to payment stablecoins and their potential impact on the financial system. These participants pointed out that with the recent passage of the GENIUS Act (the U.S. Stablecoin Regulatory and National Innovation Act), the use of payment stablecoins may increase. They stated that payment stablecoins can help improve the efficiency of payment systems and also observed that such stablecoins might increase the demand for the underlying assets that support them (including U.S. Treasury securities). Additionally, the participants expressed concerns that stablecoins could have broader implications for banks and the financial system as well as for the implementation of monetary policy, making it important to monitor them closely, including the various assets used to back stablecoins.