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💵 Stablecoin issuers hold hundreds of billions in U.S. Treasury bonds

Stablecoins serve as a crucial bridge between digital assets and traditional finance in the cryptocurrency market, and the management of reserve assets by their issuers has garnered significant attention. In recent years, leading stablecoin issuers (such as Tether and USDC issuer Circle) have seen their holdings of U.S. Treasury bonds continue to rise, with some surpassing hundreds of billions of dollars. This phenomenon not only reflects the maturation of the stablecoin industry but also reveals its deep ties to the traditional financial system.

Market Size and Reserve Structure
• The global stablecoin market capitalization reaches $260 billion, accounting for 8% of crypto assets
• Tether holds $120 billion in U.S. Treasury bonds, surpassing several sovereign nations
• Circle (USDC) holds over $22 billion in U.S. Treasury bonds
• Approximately 80% of the stablecoin industry's reserves are allocated to U.S. Treasury bonds

Policy Drivers and Institutional Participation
• The GENIUS Act requires payment-based stablecoins to have a 1:1 reserve, allowing U.S. Treasury bonds to qualify as assets within 93 days
• European bank Société Générale launches CoinVertible product
• Ant Group, JD.com, and other tech companies are deeply engaged in Hong Kong's stablecoin market
• The high liquidity and low-risk characteristics of U.S. Treasury bonds enhance the credit backing of stablecoins

Trading Opportunities
• Pay attention to the relationship between U.S. Treasury yields and stablecoin premiums (currently 0.15%-0.25%)
• Track the impact of reserve structure adjustments before the implementation of the GENIUS Act on short-term Treasury bonds
• Extreme volatility in BTC/ETH may trigger on-chain liquidity rebalancing

Market Sentiment
• 73% of users believe that U.S. Treasury reserves enhance the credit rating of stablecoins
• Some express concerns about the concentration risk in Treasury holdings (USDT positions account for 5.7% of the market)
• Focus on the trend of RWA tokenization and innovation products related to U.S. Treasury bonds
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