I just remembered that one day I saw an artist talking about the issue of stablecoins, mentioning that stablecoins are roughly equivalent to x2 dollars. At that time, I wanted to discuss this topic, but I forgot. Today, it suddenly came to mind, but I can't find the post from back then.

Let me share my views on stablecoins, which are unrelated to market trends and may be meaningful to most of my friends, so there's no need to open it.

First of all, stablecoins are not dollars, especially those pegged 1:1 to the dollar like USDT and USDC. They are not dollars but rather notes representing T-Bills valued at 1 dollar, which are issued on the blockchain.

Among them, USDC is more closely aligned with 1 dollar because nearly 70% to 80% of USDC's assets are short-term U.S. Treasury bonds, with another 10% to 20% in cash, and the remaining portion in overnight reverse repos.

In contrast, USDT has less than 80% in short-term U.S. Treasury bonds, with other assets including gold and various debts as backing, making the asset composition more complex. In extreme cases, USDT's risk resistance is indeed lower than that of USDC, but that does not mean USDT is risky; currently, there is no risk at all.

Therefore, we can clearly understand that the vast majority of USDT and USDC are essentially receipts issued by purchasing U.S. Treasury bonds. So when we use USDT or USDC to buy cryptocurrencies, we are not actually using dollars but rather using U.S. Treasury bonds equivalent to 1 dollar for the purchase.

Secondly, when users choose to sell USDT or USDC to redeem dollars, Tether or Circle essentially needs to sell the corresponding amount of U.S. Treasury bonds and then redeem them for the user. In simpler terms, Tether and Circle are essentially using the dollars you give them to buy U.S. Treasury bonds, then securing the rights to those bonds on-chain, and providing you with the corresponding dollar value of those bonds on the blockchain.

This is also the main source of profit for Tether and Circle, as these two companies help us buy U.S. Treasury bonds, but we only receive "receipts," while the profits belong to these two companies. More importantly, these "receipts" cannot be directly redeemed in the U.S. Treasury bond market, nor can they interact directly with banks; ultimately, they can only be exchanged through Tether and Circle.

Currently, Coinbase can offer a yield of 4.5% or lower, which essentially returns part of the profits from your U.S. Treasury bond purchases to you, rather than because you hold dollars. For Coinbase, holding dollars does not make them money; they can only profit when you hold USDC.

So, in essence, it is not that USDT and USDC can turn 1 dollar into 2 dollars, but rather that there are three forms of 1 dollar: the first form is USD, the second form is U.S. Treasury bonds, and the third form is the notes representing U.S. Treasury bonds. Both USDT and USDC are in the third form, so stablecoins do not print additional USD; they are merely on-chain receipts for U.S. Treasury bonds.

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