[Henry Paulson: A Collapse in U.S. Treasury Demand Could Trigger Severe Shocks] Former U.S. Treasury Secretary Henry Paulson has warned that U.S. authorities should develop short-term contingency plans to address the potential risk of a collapse in demand for U.S. Treasuries. He pointed out that if the Treasury market becomes unstable, it could impact the pricing of assets such as corporate bonds, mortgages, and stocks, while also weakening confidence in the U.S. dollar. Funds may shift toward assets like Bitcoin and gold. Meanwhile, Tether, which uses U.S. Treasuries as a major reserve asset for its stablecoin, could face redemption and depegging risks.