The topic I wanted to talk about last time was actually not calculated in this way. Stablecoins cannot be regarded as the equivalent of the US dollar, and are not actually equal to 1 US dollar. Instead, they should be equal to the TBills represented by 1 US dollar. Stablecoins are actually the proof of US bonds on the chain, so 1 USD = 1 USD Tbills = 1 USD（T，C） The logic for USD (T, C) to purchase US bonds is to first sell the corresponding 1 USD Tbills for 1 USD, and then use USD to purchase US bonds. So now in the cryptocurrency field, using USD (T, C) to purchase or consume is essentially using short-term US bonds to pay, and in the market circulation, there is no need to exchange short-term US bonds. Only when the acceptor returns USD (T, C) to Tether or Circle, the two companies will sell (redeem) the corresponding US bonds, exchange them for USD, and give them to the acceptor. So stablecoins did not convert 1 USD into 2 USD. Interested friends can read the original text: https://(x.com)/Phyrex_Ni/status/1920882114469523941