Wu Xiong's response reminded me of a topic we discussed when I first met @Trader_S18 in 2023. We talked about why a giant like BlackRock, which could buy three entire crypto markets and still have surplus, would enter the cryptocurrency space. Of course, we concluded that we could never know an accurate answer, but at that time, we reached a consensus that the U.S. must have some intentions regarding the cryptocurrency sector, and BlackRock is aware of this and has entered the market.

From this perspective, setting aside the stablecoin legislation, the strategic reserve of $BTC may not necessarily be Trump's own idea; it is very likely a result of an agreement between the Democratic and Republican parties. This is why a behemoth like BlackRock has entered the cryptocurrency market.

To this day, I still haven't figured out what the significance of Bitcoin's strategic reserve is for the U.S. Some friends say it's to hedge against U.S. debt, but that possibility seems a bit small. This conclusion can only be gradually revealed through the U.S.'s actions. As it stands, the strategic reserve is simply not selling BTC; at most, it is to buy a form of "insurance" for America's future. Only with new actions can we gain a better understanding.

Secondly, regarding the stablecoin legislation, the simplest aspect is to expand the foundational share of U.S. Treasury bonds. Although stablecoins can also be pegged to the dollar, pegging to the dollar yields almost no returns. Therefore, even if monetary easing occurs, it is still highly likely that they will peg to U.S. Treasuries.

In layman's terms, if the scale of stablecoins is $100 billion, it might correspond to a foundational amount of $80 billion in U.S. Treasuries. If the scale expands to $1 trillion, the foundational amount in Treasuries could be $800 billion. Not to mention, after expanding the stablecoin share and the rise of on-chain brokers, there could be increased investment in U.S. Treasuries. Of course, these are all future considerations.

Overall, I believe that on-chain brokers represent at least a scale of tens of billions of dollars, and the ceiling is extremely high. Perhaps this is another development direction for "BlackRocks" as well.

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