Galaxy Digital's research head, Alex Thorn, has revealed a new model study on the impact of stablecoins on the U.S. Treasury market and bank deposits. The study suggests that under the GENIUS Act framework, 60% to 70% of stablecoin growth will originate from overseas, with offshore capital inflows potentially doubling the scale of domestic deposit migration. For every additional dollar in GENIUS stablecoins, approximately $0.32 in U.S. net credit expansion is expected. The model forecasts that by 2030, stablecoin-related credit expansion could reach $400 billion under a baseline scenario, and up to $1.2 trillion in an optimistic scenario. Additionally, short-term U.S. Treasury yields might decrease by 3 to 5 basis points, potentially reducing U.S. government financing costs by up to $3 billion annually.