[Bank of England Executive: Dollar Stablecoins Strengthen Dollar Hegemony and U.S. Treasury Demand, Redemption Risks Exist] Carolyn Wilkins, a member of the Bank of England's Financial Policy Committee, stated that dollar stablecoins reduce cross-border settlement costs and increase demand for U.S. Treasury bonds, giving the dollar a first-mover advantage. Currently, the global circulation value of stablecoins exceeds $300 billion, with 98% pegged to the dollar. Tether's USDT and Circle's USDC are expected to hold a total of $150 billion in U.S. Treasury bonds by the end of 2025, with approximately $33 billion in new purchases annually. Carolyn Wilkins warned that in the event of large-scale concentrated redemptions, issuers being forced to sell U.S. Treasury bonds could bring volatility risks to financial markets. (Source: Bank of England)