According to PANews, an analysis by OKG Research reveals that as of April 8, 2025, the U.S. Treasury General Account (TGA) balance has decreased from $405.786 billion at the beginning of the month to $309.989 billion. This reduction has released $95.79 billion in liquidity, a rate 3.18 times faster than the same period in March. This action is perceived by the market as a form of 'invisible fiscal easing,' providing short-term support for risk assets.
On the blockchain front, since the beginning of 2024, the global stablecoin market has grown by 80.7%, surpassing $235 billion. Stablecoins are increasingly seen as simplified monetary tools within the shadow banking system, injecting liquidity into the crypto economy when issued.
The resonance between fiscal liquidity release and the issuance pace of on-chain dollars offers additional liquidity support in a constrained liquidity environment, driving short-term risk appetite recovery. Notably, from a monetary policy perspective, if the Federal Reserve maintains its current stance, the pace and space of fiscal liquidity release, along with the on-chain issuance of crypto liquidity, will become significant variables in the next wave of asset price fluctuations.