Gate Research Institute: Stablecoins undertake spillover marginal demand in the context of a weakening US dollar The Gate Research Institute recently released a report titled "Can Stablecoins Bear the Marginal Demand for US Dollars in 2026 as the US Dollar Weakens?" which pointed out that the depreciation of the US dollar is the result of a decrease in real purchasing power, a gradual strengthening of fiscal dominance, and long-term changes in real interest rates and holding costs. Under the constraints of regulation, capital, and risk weighting, the traditional banking system has formed a demand for US dollar spillover, and stablecoins are precisely taking on this demand in this gap. Under the differences in regulation and business positioning, the collateral structure of different stablecoins varies, and an implicit credit hierarchy is formed within them. The quality, transparency, and issuer credibility of stablecoin collateral are becoming core variables that determine its price stability, liquidity priority, and long-term funding preferences. After reaching a certain scale, stablecoins have become an important structural force affecting the short-term interest rates of the US dollar. Looking ahead to 2026, stablecoins are more likely to play the role of a "reservoir" and distribution layer for the US dollar. The stable buying of short-term US bonds by their reserve assets is in turn affecting the pricing structure of the US dollar itself.