Regarding the different perspectives on CRCL stablecoins

Recently, I’ve seen various analyses about CRCL, and one viewpoint is quite interesting — that the banking system will be "drained." If stablecoin scale truly reaches trillions or even hundreds of billions of dollars, such a scenario could theoretically happen.

But here’s the problem: the logical reasoning behind that seems to have some issues.

Expanding the size of stablecoins is one thing; the impact on the traditional financial system is another. You can't simply equate the two phenomena directly; there are many variables in between that haven’t been considered. How will market mechanisms adjust? Will regulatory policies intervene? What are the banks’ own response strategies?

It’s good to hear different opinions, as it helps us think about the issues more thoroughly. But when analyzing large-scale capital flows, we still need to clarify the entire logical chain.