In simple terms, the concept of stablecoin-backed debt is a joke, but using stablecoins to amplify the effects of U.S. Treasury bonds and treating them as a payment tool is very meaningful.

The payment with USDC actually reduces the turnover of U.S. Treasury bonds, using T-bills as a payment tool. According to the normal process, USDC as a payment first involves converting USDC back into the previously purchased U.S. Treasury bonds, then selling the bonds for USD, and finally using USD for transactions, where the counterparty actually receives USD.

(Of course, currently USDC has about 15% USD reserves, and when exchanging, the priority is to use the existing USD for conversion, without needing to sell U.S. Treasury bonds.)

After the stablecoin legislation is introduced, if merchants are willing to hold compliant stablecoins, then the issuers of stablecoins do not need to convert stablecoins into U.S. Treasury bonds and then back to USD; instead, they can directly use the "U.S. Treasury bond" certificates as a means of transaction.

Therefore, in reality, the larger the scale of compliant stablecoins, the more stable the bond market will be.

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