Group 1 - The U.S. President Donald Trump signed a stablecoin regulatory bill, marking the first federal-level legislation on stablecoins in the U.S. This legislation indicates that stablecoin holders, backed by dollar assets, are becoming significant buyers of U.S. Treasury bonds [1] - The regulatory bill stipulates that stablecoins must be backed by relatively safe assets, such as U.S. Treasury bonds, cash, and bank deposits. It is estimated that 80% of stablecoin reserves are allocated to U.S. Treasury bonds [1] - Tether (USDT) reported holding nearly $120 billion in U.S. Treasury bonds in Q1 of this year, surpassing the holdings of countries like Germany [1] Group 2 - Standard Chartered's digital asset research head noted that once the stablecoin market reaches $750 billion, it could become a turning point, influencing U.S. Treasury issuance, monetary policy, and market structure [2] - The current stablecoin market is approximately $240 billion, with predictions that it could triple by the end of 2026 due to expanded use cases and clearer regulatory environments [2] - The concentration of U.S. Treasury holdings among a few stablecoin issuers could introduce systemic risks, particularly the risk of a "stablecoin run," which may lead to urgent sell-offs of U.S. Treasuries and market volatility [2] Group 3 - The new stablecoin regulatory bill may regress the payment system by 200 years, potentially leading to a lack of federal oversight in banking and monetary systems. This situation presents both innovative opportunities and significant risks [3]