According to Odaily Planet Daily, investment banking giant Goldman Sachs released a research report showing that the stablecoin market is entering a new round of expansion cycle, and its potential scale may reach trillions of dollars. U.S. Treasury Secretary Scott Bessant is also optimistic about the prospects of the stablecoin market. However, UBS pointed out that stablecoins are more of a transformation of capital forms rather than net demand growth. Its actual impact still needs to be observed in the direction and scale of capital flows. The bank's analyst Paul Donovan believes that Bessant's logic of hoping that stablecoins will increase demand for short-term government bonds to alleviate fiscal pressure is flawed: when investors sell government bonds in exchange for stablecoins and then reinvest in government bonds through stablecoins, it does not essentially create new demand, but is more of a transformation of capital forms. Currently, stablecoin applications are still dominated by cryptocurrency transactions and overseas US dollar demand, but the penetration potential of payment scenarios has not yet been fully developed. (Fortune)