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Polygon executives: Stablecoins will enter the "hundred thousand issuers era," and banks will be forced to restructure their capital models.
Odaily News Polygon's Global Head of Payments and RWA Aishwary Gupta believes that global stablecoins are entering a "Supercycle," with the number of stablecoin issuers potentially exceeding 100,000 in the next five years. Gupta pointed out that Japan is participating in government bonds and policy stimulus pilots through stablecoins like JPYC, demonstrating that stablecoins can become tools of national economic sovereignty rather than undermining Central Bank power. He stated that stablecoins, like fiat, are affected by monetary policy and essentially enhance the global demand for a country's currency, similar to how stablecoins drive the use of the US dollar. Gupta also warned that stablecoin yields are attracting low-interest deposits (CASA) in the banking system to flow on-chain, weakening banks' ability to create credit and maintain low-cost capital. To respond to competition, he expects banks to issue "deposit tokens" on a large scale to retain funds within their own assets.
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