[Standard Chartered Bank: stabilize the size of the currency market or reach $2 trillion in 2028, driving the demand for short-term treasury bond bonds of the United States to increase by more than $1 trillion] On February 23, according to the news of The Block, Geoffrey Kendrick, the global head of digital asset research of Standard Chartered Bank, and John Davies, the US interest rate strategist, pointed out in the latest research report that the issuer of stable currency is gradually becoming one of the largest buyers of US short-term treasury bond bonds. The report predicts that the market value of stable currency will reach US $2 trillion by the end of 2028, which will drive the new demand for treasury bond of about US $800 billion to US $1 trillion, mainly focusing on the short-term varieties of 0 to 3 months. Standard Chartered Bank estimates that, if added to the additional demand brought about by the Federal Reserve Management Purchase Plan and the maturity replacement of mortgage-backed securities, the total demand for new short-term treasury bond bonds will reach about $2.2 trillion by 2028, while the net supply of treasury bond in the same period will be about $1.3 trillion, with a gap of about $900 billion. In order to fill this gap, the U.S. Treasury Department may need to adjust the debt issuance structure and transfer some long-term treasury bond debt supply to the short end. If about $900 billion is transferred from the long end to short-term treasury bond, theoretically, the auction of 30-year treasury bond can be suspended for three consecutive years. The United States has previously had similar operations between 2002 and 2006. At present, Tether, the largest issuer of stable currency, has a circulation scale of about 185 billion US dollars and holds more than 120 billion US short-term treasury bond bonds, ranking among the largest holders of short-term US bonds in the world. At the level of stable currency regulation, the GENIUS Act has established a federal regulatory framework in July 2025, requiring the issuer of regulated stable currency in the United States to use high-quality liquid assets as reserves, and short-term treasury bond are its core allocation varieties.