【Bank of America: Stablecoins will pose competitive pressure on money market funds】 Golden Finance reports that Bank of America's latest research report indicates that the demand for stablecoins in U.S. Treasury bills is expected to grow by $25 billion to $75 billion over the next 12 months. However, this growth will not significantly alter the dynamics of the Treasury bill market but will present a greater competitive challenge to money market funds (MMFs). The report shows that some MMF clients are actively exploring tokenization as a defensive measure against stablecoin competition. In July of this year, BNY Mellon and Goldman Sachs launched blockchain-based technology to record ownership of specific MMF shares, marking the first successful transfer of tokenized MMF shares. As stablecoins are currently restricted from paying yields, money market funds face a limited time window to complete tokenization and offer competitive yields in response to potential future regulatory changes or innovations in the stablecoin industry.