With President Trump's official signing of the GENIUS Act, the world's first federal-level regulatory framework specifically targeting stablecoins has officially taken effect, injecting summer-like vitality into the stablecoin sector. Currently, the global stablecoin market has reached approximately $270 billion in size. However, Goldman Sachs believes it remains to be seen whether these tokens pegged to fiat currencies will grow to a multi-trillion dollar scale and gradually erode the traditional financial services industry.

Stablecoins are currently primarily used for cryptocurrency trading and overseas dollar access, with some views suggesting they could reshape and revolutionize traditional financial systems through blockchain efficiency. However, Goldman Sachs Research indicated in a report released Tuesday that the possibility of comprehensive disruption is unlikely.

Analysts Will Nance and James Yaro noted in the report that stablecoin benefits will primarily accumulate at the infrastructure layer of the financial industry, particularly in interbank payments, capital market settlement, and complex cross-border transactions. However, the report suggests the "threat is limited" to payment services, including consumer credit card ecosystems, with current overall poor performance actually creating buying opportunities.

Visa (V.US) and Mastercard (MA.US) are not competitors but rather "likely to play important roles in the mass adoption of stablecoin payments on the consumer side." The report also noted that market concerns about risks facing remittance service providers like Remitly (RELY.US) and Western Union (WU.US) are overblown.

Goldman Sachs believes that stablecoins compliant with GENIUS Act requirements, such as USDC issued by Circle Internet Corp. (CRCL.US), will capture market share from USDT. The firm predicts USDC will grow by $77 billion, with a compound annual growth rate of 40% expected between 2024 and 2027.

According to research platform rwa.xyz data, USDT is currently the world's largest stablecoin with a market cap of $165 billion, while Circle Internet Corp.'s USDC has a market cap of $66 billion.

Additionally, despite Circle Internet Corp.'s valuation surge following its sensational IPO this year, Goldman Sachs is more optimistic about Robinhood's (HOOD.US) continued innovation capabilities in the cryptocurrency space.