美国国债市场持续动荡，稳定币或成未来资金来源

Group 1 - The 20-year U.S. Treasury auction saw a winning yield surpassing 5%, marking one of the worst performances in five years, raising concerns over increasing debt levels [2] - The 30-year Treasury yield spiked to 5.1%, nearing a 20-year high, while the 10-year yield rose to 4.595%, prompting investors to seek safe-haven assets like gold and Bitcoin [2] - China's holdings of U.S. Treasuries decreased by $18.9 billion in March, bringing the total to $765.4 billion, with long-term Treasury holdings down by $27.6 billion [2] Group 2 - U.S. Treasury Secretary Besant testified that cryptocurrency could create up to $2 trillion in demand for U.S. Treasuries in the coming years [3] - The Senate is advancing a stablecoin bill, the "Stablecoin Unified Standards Guarantee Act" (GENIUS), aimed at establishing a federal standard for payment stablecoins [3] - Concerns regarding the bill include insufficient regulation for tech giants entering banking and inadequate consumer protections [3] Group 3 - Some Democratic lawmakers withdrew opposition to the stablecoin regulatory bill, which is now set for debate in the Senate, with hopes for swift passage [4] - The revised bill includes stricter anti-money laundering provisions and enhanced consumer protections, ensuring equal rules for U.S. and foreign issuers [4] - Following this news, Bitcoin surged over $11,000, reaching a new all-time high, surpassing the record set on January 20 [4] Group 4 - As of the end of last year, JPMorgan estimated that approximately $114 billion of U.S. Treasuries were used as reserves for stablecoins, despite accounting for less than 2% of the total circulation [5] - In the absence of long-term buyers for U.S. Treasuries, Besant is focusing on stablecoins as a potential source of demand [5]