Goldman Sachs – Stablecoin Summer, Aug 2025

The main theme of the report is the development and impact of stablecoins in the financial system, especially in light of the recently enacted GENIUS Act, which creates the first federal regulatory framework for stablecoins.

Key findings include discussions on commercial opportunities for stablecoin issuers, potential risks to traditional payment systems, impacts on treasury bonds and bank deposits, and possible implications for financial stability. The report features expert opinions from individuals like Brian Brooks and Barry Eichengreen on the future of stablecoins and their comparison to the historical period of free banking.