Group 1 - The global financial market is facing a historic test in 2025, with US Treasury debt maturing exceeding $9.2 trillion, and $6.5 trillion maturing in June alone, which is 73% of the total maturing in 2024 [1] - As of April 2025, the total US national debt surpassed $36 trillion, equating to over $100,000 per citizen, with debt-to-GDP ratio exceeding 120% [1] - In 2024, net interest payments on US debt reached $882 billion, surpassing military spending for the first time, accounting for 23.9% of total federal revenue [1] Group 2 - The investor structure of the US Treasury market is undergoing a significant transformation, with foreign official holdings dropping from 45% in 2015 to 32% by December 2024, while domestic investors now account for over 68% [3] - The trend of de-dollarization is accelerating in the US, with states like Texas and Oklahoma planning to issue gold-backed digital currencies to mitigate dollar depreciation risks [3] - Companies are adjusting asset allocations, with Berkshire Hathaway's cash reserves reaching a record high of $325.2 billion, indicating caution towards dollar assets [3] Group 3 - The global de-dollarization trend is intensifying, with the dollar's share in global foreign exchange reserves falling to 57.4% in Q3 2024, the lowest since 1995, while the yuan's share increased to 2.71% [4] - The New Development Bank of BRICS countries has a local currency financing ratio of 22%, and the Shanghai Cooperation Organization members have exceeded 30% in local currency settlements [4] Group 4 - The US is experiencing a debt crisis that could impact global financial markets, with the stock, bond, and currency markets facing significant volatility since April, leading to concerns over the safety of dollar assets [6] - The yield on 10-year US Treasury bonds reached 4.49%, marking the largest single-week increase in 24 years [6] - Experts warn that failure to address the debt issue could trigger a global financial crisis, with a 65% probability of the US entering a recession by 2025 [8]