Will stablecoins expand the money multiplier? In the future, more traditional banking giants will enter the stablecoin field, and currently, we can see actions or plans being advanced by JPMorgan, <花期>, Bank of America, and others. However, the reserve business model of banks differs from the fully collateralized model of stablecoins as specified in the <天才法案>. Under the requirements of the <天才法案>, future bank giants entering the stablecoin market will also need to be fully collateralized rather than using the reserve model. On the other hand, I believe stablecoins do have the function of expanding the money multiplier. In traditional financial scenarios: when a user uses $10,000 from a bank to buy government bonds, the $10,000 is essentially spent by the Treasury, and the user's bonds become completely immobilized. But in the stablecoin scenario: a user uses $10,000 to mint 10,000 stablecoins through a stablecoin issuer, and the issuer uses the fully collateralized $10,000 to buy government bonds, with the Treasury receiving the $10,000. Then, the user can use these 10,000 stablecoins to trade on-chain assets, trade US stocks, or even make offline purchases directly through a U card. Looking at this, the user's $10,000 ultimately creates an effect of $20,000. From this perspective, there seems to be an effect of expanding the money multiplier, though from a strict definitional standpoint, a new term may be coined in the future to define this phenomenon.