[Stablecoin Mechanism Makes Dollar Risk Native to Cryptocurrency] According to a report by Jinse Finance, research from the Bank for International Settlements indicates that stablecoins are closely linked to the pricing dynamics of safe assets. This suggests that term premium shocks are not merely 'macro sentiment' but also impact stablecoin yields, demand, and on-chain liquidity conditions. When term premiums rise, the cost of holding assets for a term also increases, which may affect stablecoin reserve management and alter the liquidity of risk trades. Bitcoin may not directly replace treasury bonds, but within its ecosystem, treasury bond pricing establishes the 'risk-free' benchmark.