Bitcoin OG Adam Back: stablecoin issuers' US bond reserves have exceeded those of some major countries On October 7, 2025, Bitcoin OG Adam Back stated in an interview with Forbes that stablecoins are a more modern alternative to wire transfers, originating from an environment about a decade ago where Bitcoin exchanges had difficulty accessing banking services and low payment efficiency. It was originally used to quickly transfer US dollars or euros between different trading platforms, but later attracted small businesses and individual users due to its convenient and low friction characteristics, forming competitiveness in the field of remittance and transfer. At the same time, issuers of stable currency, such as Tether and Circle, have become important buyers of US treasury bond, with huge holdings, even surpassing some major countries. He stressed that this "new business model" is driving more willingness to issue stable currency in the market. Source: Forbes