In the context of the rapidly evolving global financial landscape, the U.S. Treasury is exploring a bold strategy: leveraging stablecoins (such as USDT and USDC issued by Tether and Circle) to stimulate demand for U.S. Treasury securities, particularly short-term Treasury bills. This initiative not only reflects the further integration of digital assets with traditional finance but could also reshape the future of the U.S. debt market by lowering borrowing costs and enhancing the global dominance of the dollar. Below is a detailed analysis of the background, significance, and potential impacts of this strategy.
Background: The Intersection of Stablecoins and the U.S. Treasury Market
According to BlockBeats News, U.S. Treasury Secretary Janet Yellen is in discussions with major stablecoin issuers like Tether and Circle to encourage these companies to become primary purchasers of U.S. Treasury securities. This strategy aligns with Yellen's long-term goal of integrating digital assets into the traditional financial system, aiming to enhance the global influence of the dollar through the widespread adoption of stablecoins while providing new financing channels for the U.S. government.
Stablecoins are cryptocurrencies pegged to fiat currencies like the dollar, with their value maintained by holding high-quality liquid assets (such as U.S. Treasury securities). As of May 2025, the total market value of stablecoins has reached approximately $247 billion, with Tether and Circle collectively holding $166 billion in U.S. Treasury securities, accounting for the vast majority of their reserve assets. For instance, Tether's latest report indicates that 79% of its reserves are invested in U.S. Treasury securities, with 69% in short-term Treasury bills; Circle holds 45% in Treasury securities and 43% in repurchase agreements (repos). This large-scale holding of Treasury securities positions stablecoin issuers as significant players in the Treasury market, comparable to the holdings of some countries.
Strategic Shift: From Crypto Trading to Treasury Strategy
In 2023, stablecoins were primarily used for cryptocurrency trading, helping users quickly transfer funds between different digital assets. However, by 2025, the role of stablecoins has significantly shifted, being viewed as a key component of U.S. debt strategy. U.S. Treasury Deputy Secretary Scott Bessent noted that the growth of stablecoins could create up to $2 trillion in demand for U.S. Treasury securities in the coming years, a potential stemming from their ability to serve as a global medium of digital transactions.
Yellen's strategy marks a shift in federal policy from cautious regulation of stablecoins to actively embracing their potential. As early as 2021 and 2022, Yellen warned that stablecoins could pose risks to financial stability, particularly after the collapse of algorithmic stablecoins like TerraUSD (UST), calling for a swift establishment of a federal regulatory framework. However, with the advancement of legislative proposals such as the GENIUS Act and the STABLE Act, the regulatory environment for stablecoins is becoming clearer. These bills require stablecoin issuers to hold high-quality liquid assets (such as short-term Treasury bills) as reserves, thereby embedding stablecoins more closely into the U.S. financial system.
How Stablecoins Stimulate Bond Demand
The growth of stablecoins directly drives demand for U.S. Treasury securities. Since stablecoins must be backed 1:1 by dollars or equivalent assets, when market demand for stablecoins increases, issuers must purchase more Treasury securities to maintain their peg. For example, if the market capitalization of USDC issued by Circle increases by $10 billion, Circle may need to purchase an equivalent amount of Treasury securities to support its reserves. By 2025, Tether is expected to hold approximately $120 billion in short-term Treasury bills, while Circle holds over $22 billion in Treasury securities, making both significant buyers in the Treasury market.
According to Standard Chartered, if the GENIUS Act is passed, the stablecoin market could reach $2 trillion by 2028, at which point Tether and Circle's holdings of Treasury securities could exceed $660 billion, approaching China's current holdings of $784 billion. This trend not only provides the U.S. government with a stable source of debt demand but may also reduce reliance on foreign investors. Over the past 15 years, the proportion of U.S. Treasury securities held by foreigners has significantly declined, and the rise of stablecoin issuers presents an opportunity to fill this gap.
Moreover, the concentrated demand for short-term Treasury bills from stablecoins may incentivize the Treasury to increase the issuance of Treasury bills rather than long-term bonds, thereby optimizing its debt structure. Vanguard's global rates head Roger Hallam stated that this growing demand could prompt the Treasury to adjust its deficit financing strategy, favoring short-term debt instruments.
Potential Impacts: Lower Borrowing Costs and Enhanced Dollar Hegemony
The integration of stablecoins could have profound effects on the U.S. economy. First, the increased demand for Treasury securities could compress yields, lowering the government's borrowing costs. According to Bank of America analysis, the GENIUS Act's requirement for stablecoin reserves to hold short-term Treasury bills (with maturities of less than 93 days) would make issuers major participants in the short-term Treasury market, thereby enhancing market liquidity and stability.
Second, the global adoption of stablecoins will further solidify the dollar's status as the world's reserve currency. Matt Hougan, Chief Investment Officer of Bitwise Asset Management, stated that stablecoin legislation would "export the dollar globally," enhancing the dollar's dominance in the digital economy. By facilitating cross-border digital transactions, stablecoins not only inject new sources of demand into the U.S. Treasury market but also promote the use of the dollar in the global financial system.
However, this strategy also comes with risks. The rapid growth of the stablecoin market could introduce volatility, particularly in the short-term Treasury market. In 2022, Tether and in 2023, Circle's USDC briefly lost its dollar peg due to market turmoil and bank failures, highlighting the potential instability of stablecoins. Although Yellen stated at the time that the scale of stablecoins was insufficient to pose systemic risks, she emphasized the urgency of establishing a federal regulatory framework to prevent risks similar to bank runs.
The potential passage of the GENIUS Act and the STABLE Act marks a significant advancement in stablecoin regulation. These bills require issuers to hold full reserves, including cash, cash equivalents, and short-term Treasury bills, and may require some reserves to be held in bank deposits for asset diversification. However, the legislative process faces political divisions, with some lawmakers concerned that existing proposals lack sufficient investor protection measures.
Nevertheless, the rise of stablecoins is seen as a strategic asset for the U.S. government. ARK Invest predicts that by 2030, the total supply of stablecoins could reach $1.4 trillion, with Tether and Circle expected to become top buyers in the Treasury market. The Treasury Borrowing Advisory Committee (TBAC) also noted that the regulatory framework for stablecoins will determine their ultimate impact on Treasury demand, emphasizing the importance of transparent regulation for market confidence.
The U.S. Treasury's strategy of using stablecoins to stimulate bond demand is a milestone in the integration of digital assets with traditional finance. Under the leadership of Janet Yellen and Scott Bessent, the Treasury is exploring how to transform stablecoins into stable buyers in the Treasury market through collaboration with major issuers like Tether and Circle. This initiative could not only lower government borrowing costs and enhance the global influence of the dollar but also pave the way for the synergistic development of the digital economy and traditional finance. However, the key to success lies in balancing innovation with regulation, ensuring the stability and transparency of the stablecoin market. As the GENIUS Act progresses, stablecoins may become one of the U.S. government's most reliable financial allies, reshaping the future of the global debt market.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
