#稳定币支付量达942亿美元# Stablecoin: The "Passive Buyer" of the US Treasury Market

In the current fiscal predicament, stablecoins have become the "lifeline" for the U.S. Treasury market.
与传统投资者不同,稳定币对美债的需求具备强制性和结构性优势。 根据《GENIUS法案》draft ,所有支付型稳定币必须以1:1比例由高质量、低风险的流动资产支持,其中包括美国国库券、银行存款或实物美元。 这意味着只要有新币发行,就会产生相应规模的美债买盘,且不受市场情绪波动影响,构成对美债的制度性支撑。
Based on a 50% allocation to U.S. Treasuries, when the market value of stablecoins reaches $3 trillion, it will generate at least $1.5 trillion in short-term U.S. Treasury demand, a scale that is approaching the current holdings of sovereign buyers like China or Japan.
More importantly, this type of funding primarily 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 human-intervention-free operating mechanism makes it less susceptible to geopolitical or market turmoil. With the legislation in place, stablecoins are becoming a new, large, and relatively stable structural buyer in the U.S. Treasury market, providing crucial support for the current turbulent fiscal situation.
In this regard, 5Mind DAO analysts stated that the idea of using stablecoins to alleviate the U.S. debt crisis signifies the SEC's move towards "crypto-ization," and stablecoins may resolve the U.S. debt crisis.
而从当前局势来看,美国政府的目标或许远不止此。 稳定币法案为美债市场引入了一个全新的、庞大且相对稳定的买方力量,显有缓解了美债yield的上行压力,降低政府融资成本,并在全球范围内稳定了基准Rate Level。 更进一步,通过稳定币这一数字载体,美元在全球数字经济中的主导地位得以强化——不仅推动了"数字美元"在区块链生态的标准化,也深化了加密资产与传统金融之间的联通,为全球数字支付体系奠定以美元为锚的基准。
这背后是一场精巧的战略安排:美国政府通过将新兴数字经济纳入传统美元霸权体系,实现了对世界资金的再分配。 在科技创新的名义下,全球投资者在购买加密资产的同时,实则也在间接为美债托底。 对陷入债务mud潭的美国而言,这不仅是第一急,是一种系统性的金融创新——标志着美元霸权正由"硬实力"主导的地缘政治路径,转向"软实力"驱动的技术金融体系。 稳定币法案的出台,quietly 然改写了世界数字货币的发展轨迹。
Returning to the cryptocurrency market itself, the rise of stablecoins has brought significant liquidity and confidence support to the crypto market in the short term. This is because every dollar that flows into the stablecoin system is often accompanied by a demand for allocation in US Treasury bonds, thereby introducing "dollar liquidity" on-chain and stable returns. This has driven the prices of crypto assets, the activity of DeFi, and the overall prosperity of the market. The more stablecoins there are, the stronger the "dollar energy" in the crypto world, and the more vigorous the bull market.
However, in the long run, this mechanism is quietly transforming the cryptocurrency system into a highly dependent entity on the US dollar system, especially the US debt system—the anchoring, value, and sources of yield for stablecoins are almost entirely tied to the US financial system. Once the US experiences 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 term, they may be a "fatal dependency."