美债最大“接盘侠”诞生，大举买走1.6万亿，但偏偏不是英国、日本

Core Insights - The article discusses the rising prominence of stablecoins in the context of increasing U.S. national debt and global economic challenges, highlighting their potential to reshape financial transactions and investment dynamics [3][5][12]. Group 1: Stablecoin Market Dynamics - Stablecoins, particularly those pegged to the U.S. dollar, have gained traction, with regulations requiring issuers to maintain 1:1 reserves in real dollars or short-term government bonds [5][9]. - The total market capitalization of stablecoins surged from $200 billion at the beginning of the year to $280 billion, reflecting a quarterly growth of 22% [7][9]. - Major players like Tether and Circle have significantly increased their holdings in U.S. Treasury bonds, with Tether holding $105 billion and Circle holding $55.2 billion in short-term debt [7][9]. Group 2: Regulatory and Technological Developments - The U.S. regulatory environment is becoming more favorable for stablecoins, with Texas issuing the first licenses and major firms like BlackRock and Deloitte involved in reserve management and auditing [9][10]. - The integration of stablecoins into payment systems is accelerating, with cross-border transactions now accounting for 37% of their use, benefiting various sectors including remittances and e-commerce [7][12]. Group 3: Future Projections and Risks - Analysts predict that the issuance of stablecoins could reach $1.9 trillion by 2030, with a bullish scenario suggesting it could even hit $4 trillion, surpassing the holdings of Japan, the UK, and China combined [10][18]. - While stablecoins provide benefits such as faster transactions and reduced costs, concerns about their impact on the traditional banking system and potential risks of financial instability are emerging [12][18].