#稳定币发展 The Bank of America report provides a thorough analysis of stablecoins. Cross-border P2P payments are indeed the most promising application scenario for stablecoins, significantly enhancing settlement efficiency. Shopify's acceptance of USDC is an important breakthrough in the retail sector. It is worth noting that the report predicts that stablecoins may generate a demand for U.S. Treasury bonds of $25-75 billion in the next year, which is not enough to impact the overall market, but the trend is worth following. Another key point is the impact of stablecoins on money market funds, as some MMF clients are accelerating tokenization to cope with competition. Overall, stablecoins are rapidly penetrating both the payment and investment sectors, and we need to closely track their impact on the traditional financial system.