CoinWorld.net March 12 News, Patrick Witt, Executive Director of the U.S. President's Digital Asset Advisory Committee, posted on X platform that stablecoins compliant with the GENIUS Act framework will actually bring deposit inflows to the U.S. banking system, rather than draining deposits as warned by the banking industry. Witt pointed out that the global demand for the US dollar is huge, with foreigners exchanging stablecoins for US dollar-denominated assets issued by U.S. issuers using their local currencies, which means new net capital is entering the U.S. banking system. Earlier this month, Witt also stated that paying yields on balances does not necessarily require banking-style regulation; what truly needs regulation is the lending or re-hypothecation of the USD that constitutes the balance, and the GENIUS Act explicitly prohibits stablecoin issuers from engaging in the latter.