A survey in July provides the first look at how bankers are thinking about stablecoins and deposit tokens after the passage of the GENIUS Act (S. 1582).
The Bank Executive Business Outlook Survey, conducted by IntraFi between June 30 and July 14, collected responses from 455 unique banks throughout the United States. In the survey, respondents were asked, “Based on what you know about the GENIUS Act and JP Morgan Chase & Co.’s recent announcement regarding moving forward on deposit tokens, how might this legislation affect your bank’s overall strategy over the next 5 years?”
Approximately half of respondents (48%) said that their bank will need to explore new products or services, including stablecoins and deposit tokens. The other half said they don’t anticipate major changes from stablecoins and deposit tokens.
Taken at face value, the IntraFi survey signals a significant shift in the narrative for banks. Over the last year, general awareness about stablecoins and deposit tokens has been low throughout the nation. A jump to 48% of bankers signaling concern is significant.
Elsewhere the survey documented the continued issues bankers have faced in dealing with the glut of check fraud. As IBAT has signaled to regulators time and again, the primary point of failure is big banks’ weak fraud controls and lack of responsiveness when resolving disputes.
Check out the full survey results here.
