美债新“接盘侠”出现！1.2万亿疯狂扫货，数字美元殖民时代降临

Core Insights - The article discusses the increasing reliance on stablecoins as a new mechanism for financing U.S. national debt, which has surpassed $36.2 trillion, with traditional buyers like China and Japan reducing their purchases [3][5][8] - The introduction of the GENIUS Act in 2025 aims to regulate digital assets while designating stablecoins as a means to support U.S. debt, requiring stablecoin issuers to back their assets with U.S. dollars or short-term U.S. Treasury bonds [5][7][8] - Stablecoins are becoming a strategic tool for the U.S. to manage its debt, with significant implications for global finance and the dollar's dominance [8][19][27] Group 1: U.S. National Debt and Traditional Buyers - The U.S. national debt has reached $36.2 trillion, with annual interest payments nearing $1 trillion, exceeding the military budget [3][5] - Traditional creditors are slowing down their purchases of U.S. debt, prompting the need for new buyers [3][5] Group 2: Role of Stablecoins - Stablecoins are being positioned as a solution to support U.S. debt, with the GENIUS Act mandating that stablecoin reserves be held in U.S. dollars or short-term Treasury bonds [5][8] - The U.S. Treasury Secretary indicated that demand for U.S. debt through digital assets could reach $2 trillion in the coming years [7][8] Group 3: Market Dynamics and Major Players - Tether's USDT holds $171 billion in U.S. bonds, while Circle's USDC has nearly $50 billion in short-term Treasury bills, together controlling 86.5% of the stablecoin market [12][17] - The business model of stablecoin issuers allows them to profit from the interest paid on U.S. debt, exemplified by Tether earning $1 billion in profits in Q1 2025 [15][17] Group 4: Global Impact and Adoption - Stablecoins are facilitating a rapid expansion of the dollar's influence globally, with transaction volumes surpassing traditional payment giants like Visa and Mastercard [20][22] - In emerging markets, particularly in Latin America, over 50% of cryptocurrency received is in stablecoins, indicating a significant shift in payment preferences [24][26]