⚖️ Hear ye, hear ye.
This court hereby acknowledges the pronouncement of Goldman Sachs: 2025 shall be known as the Summer of Stablecoins.
Upon review of the evidence contained within the Top of Mind report, the Court delivers the following findings of fact and judgment:
Finding #1: Regulatory Clarity Equals Adoption Surge
The passage of the GENIUS Act has bestowed federal authority and structure upon stablecoins. This Court recognizes the testimony of Brian Brooks, former Comptroller of the Currency, who deems this legislation the catalyst for a “stablecoin gold rush.” The precedent is clear: law provides legitimacy, and legitimacy begets adoption.
Finding #2: Dollar Demand Expands Beyond Borders
The evidence shows that over two billion individuals residing abroad prefer to hold dollars in lieu of their depreciating local currencies. Stablecoins extend such access. Thus, the demand for U.S. Treasuries shall persist and increase. The Court deems this both material and significant.
Finding #3: Payments Disruption Is Overstated
While the plaintiff (stablecoins) contends that they will displace Visa and Mastercard, this Court finds the argument overstated. Goldman Sachs presents compelling evidence that real inefficiencies lie in remittance on/off ramps and compliance costs. Nonetheless, stablecoins improve liquidity and reduce the need for pre-funding—this the Court acknowledges.
Finding #4: Bank Deposits Remain Secure—for Now
The Court rules that traditional deposits shall remain “sticky,” barring the arrival of superior yield and safety from stablecoins. However, tokenization, if scaled broadly, could swiftly alter this balance. The matter is reserved for future adjudication.
Finding #5: Financial Stability Risks Are Real
The Court accepts the expert testimony of Professor Barry Eichengreen, who warns that proliferation of stablecoin issuers could fracture the “singleness of money.” In crisis conditions, mass redemptions may trigger large Treasury sell-offs and surging rates. This Court finds the risk credible and material.
Judgment:
Stablecoins are hereby recognized as the central financial instrument of the summer of 2025. The Court cautions all investors, banks, and policymakers to approach with both ambition and vigilance.
