The four 'invisible financial tycoons' in the crypto world hold $182 billion in US Treasuries, quietly topping the global creditor list! Outpacing South Korea and the UAE, the 'crypto cousins' of the Federal Reserve are rewriting the power map of fiat currency!
What's happening? The four main companies issuing dollar stablecoins (like USDT, USDC) — Tether, Circle, Paxos, etc. — collectively hold $182 billion in US Treasury bonds!
How exaggerated? This figure is more powerful than some countries! It exceeds the holdings of South Korea (the 10th largest holder of US Treasuries globally) and the wealthy UAE, making it equivalent to the 11th largest 'entity' holding US Treasuries globally — note that this is not a country, but several private companies!
Where does the money come from? It's from the USDT and USDC that you deposit into exchanges and wallets! The 'cash' you use to buy coins is taken by the issuers to purchase the most stable assets — US Treasury bonds (and cash, etc.) as reserves, ensuring a 1:1 exchange.
What is the essence? This is the 'reverse transfusion' of the crypto world into the traditional financial system! The global demand for stablecoins has made these four companies super buyers in the Treasury market, with influence comparable to sovereign funds.
Personal perspective & related cases in the crypto world:
'This $182 billion is not a dry number; it is the 'sword of Damocles' hanging over traditional finance — it proves that stablecoins are not just payment tools, but 'on-chain central banks' reshaping global capital flows!'
Perspective: Stablecoin issuers have become 'financial whales that cannot be ignored'. Their operations (buying bonds, selling bonds, collateral selection) will directly affect:
Liquidity in the US Treasury market (they have huge buying and selling volumes)
Short-term interest rates (especially money market fund rates, due to reserve allocation)
Global demand for the dollar (stablecoins are the 'on-chain extender' of dollar hegemony)
If future regulation strikes hard, their sale of US Treasuries could trigger a massive market shock!
Case 1: How Tether's 'money printing machine' affects small countries?
Imagine this: Tether issues 1 billion USDT → buys 1 billion in US Treasury bonds → this amount could exceed the foreign exchange reserves of some small countries! Their bond-buying actions can lower US Treasury yields and indirectly affect global borrowing costs. During the volatility of US Treasuries in 2023, the buying and selling actions of stablecoin issuers have become the focus of the market.
Case 2: The Silicon Valley Bank collapse and the terrifying night of USDC decoupling
Circle (the issuer of USDC) has $3.3 billion trapped in Silicon Valley Bank → USDC once plummeted to $0.87! This is the deadly lesson of the transparency and safety of stablecoin reserves. Now they are frantically buying highly liquid US Treasuries to restore trust, but this also deeply binds their fate to US Treasuries.
Case 3: The prototype of the 'Federal Reserve' in the crypto world has emerged
Do the four major issuers resemble a 'decentralized version of the Federal Reserve'? They:
'Issuing currency' (increasing the supply of stablecoins)
Managing a huge 'foreign exchange reserve' (US Treasuries + cash)
Market interest rates (through reserve allocation)
If they become compliant in the future, they will be the first execution layer of monetary policy in the on-chain era!
Ending hook:
'When the US Treasury positions of the 'big four crypto banks' exceed those of national sovereign funds, the next question is deafening: will they be the 'white knights' saving the Treasury during a collapse, or the 'on-chain nuclear button' accelerating the collapse? The winner of this hundred billion dollar 'bond market power game' may determine whether the next bull market engine is 'compliance rocket' or 'black swan storm'... Follow Ailes for an in-depth analysis of how stablecoin whales are stirring up global macro!'
#币安八周年
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