#稳定币支付量达942亿美元# stablecoin: The "passive buyer" in the US Treasury market

In the current fiscal predicament, stablecoins have become the "lifeline" for the U.S. Treasury market.
Unlike traditional investors, the demand for stablecoins for U.S. Treasury bonds has a mandatory and structural advantage. According to the draft of the "GENIUS Act," all payment stablecoins must be backed by high-quality, low-risk liquid assets at a 1:1 ratio, which includes U.S. Treasury bills, bank deposits, or physical U.S. dollars. This means that as long as new coins are issued, there will be a corresponding scale of buying demand for U.S. Treasury bonds, which is not affected by market sentiment fluctuations, thereby providing institutional support for U.S. Treasury bonds.
Based on an estimated allocation ratio of 50% to U.S. Treasury bonds, when the market value of stablecoins reaches $3 trillion, it will generate at least $1.5 trillion in short-term U.S. Treasury bond demand, which is close to the current holdings of sovereign buyers such as China or Japan.
More critically, this type of funding mainly flows into short-term government bonds, directly alleviating the short-term financing pressure on the U.S. government; at the same time, its automated and non-human-intervention operating mechanism makes it less susceptible to geopolitical or market turmoil. With the implementation of legislation, stablecoins are becoming a new, large, and relatively stable structural buyer in the U.S. Treasury market, providing crucial support for the current volatile fiscal situation.
In this regard, a 5Mind DAO analyst bluntly stated that the idea of using stablecoins to alleviate the US debt crisis indicates the SEC's move towards "cryptonization," and stablecoins may resolve the US debt crisis.
From the current situation, it seems that the U.S. government's goals may go far beyond this. The stablecoin legislation has introduced a new, large, and relatively stable buying force into the U.S. Treasury bond market, significantly alleviating the upward pressure on Treasury yields, lowering government financing costs, and stabilizing the benchmark interest rate levels globally. Furthermore, through stablecoins as a digital medium, the U.S. dollar's dominant position in the global digital economy is reinforced—not only promoting the standardization of the "digital dollar" within the blockchain ecosystem but also deepening the connectivity between crypto assets and traditional finance, laying a dollar-pegged benchmark for the global digital payment system.
Behind this is an ingenious strategic arrangement: the U.S. government has redistributed global funds by integrating the emerging digital economy into the traditional dollar hegemony. In the name of technological innovation, while global investors are buying crypto assets, they are also indirectly supporting U.S. bonds. For the United States, which is mired in debt, this is not only an emergency, but also a systemic financial innovation - marking the shift of dollar hegemony from a geopolitical path dominated by "hard power" to a techno-financial system driven by "soft power". The introduction of the stablecoin bill has quietly rewritten the development trajectory of global digital currencies.
Returning to the crypto market itself, the rise of stablecoins has brought huge liquidity and confidence support to the crypto market in the short term, because every dollar flowing into the stablecoin system is often accompanied by the allocation demand for U.S. bonds, thus introducing on-chain "dollar liquidity" and stable income, which drives crypto asset prices, DeFi activity, and overall market prosperity. That is, the more stablecoins, the stronger the "dollar energy" in the crypto world, and the more fierce the bull market.
However, in the long run, this mechanism is quietly turning the crypto system into a high dependency on the US dollar system, especially the US debt system—stablecoins are almost entirely tied to the US financial system in terms of anchoring, value, and sources of income. Once the US faces policy tightening, sanctions, debt risks, or strong regulation of stablecoins, the crypto market will face systemic shocks. Therefore, for the crypto market, stablecoins are short-term "bull market fuel," but in the long run, they may be a "fatal dependency." #成长值抽奖，赢 iPhone 16 和精美周边#