The $3 Trillion Stablecoin Link That’s Got Wall Street Doubting

The passage of landmark stablecoin legislation in the US is supercharging the debate on Wall Street over the digital assets’ true potential for boosting the dollar and becoming a meaningful source of demand for short-dated Treasuries.

While views vary, strategists at firms from JPMorgan Chase & Co. to Deutsche Bank AG and Goldman Sachs Group Inc. all agree that it’s far too soon to declare stablecoins as game changers, no matter how upbeat US President Donald Trump and his advisers are about the tokens’ role as a new multi-trillion-dollar pillar to prop up US finances. And some see risks as well.