I also thought about how stablecoins affect monetary policy recently: 1 The large-scale adoption of stablecoins can lead to a slowdown in the velocity of currency circulation: stablecoin issuers convert their reserves into US bonds, and the US dollars flow to the government, injecting funds back into the economy through fiscal expenditures; 2. Slowing down the velocity of money circulation will increase the money supply: According to MV=PT, if the economic growth rate (T) remains unchanged and the Federal Reserve wants to maintain a stable inflation rate (P), a decrease in V will result in MV being insufficient to support the required PT level. In order to avoid economic contraction or deflationary pressure, the Federal Reserve may need to increase monetary policy by increasing M