The core of stablecoins lies in their redefinition of the foundation of currency issuance—anchoring to real assets. This mechanism marks the end of the era of "making money out of thin air," emphasizing that every stablecoin must be backed by equivalent assets.
More importantly, stablecoin projects generally view U.S. Treasury bonds as the most liquid assets and use them as primary collateral. This practice not only solidifies the credit system of stablecoins but also indirectly reinforces the dominant liquidity position of U.S. Treasuries in the global financial landscape.
In today’s market, the most liquid assets globally are first U.S. Treasuries and second Bitcoin. These two assets are becoming the most trusted "value anchors" for global funds in different ways.
