PANews July 22 news, according to Zhitong Finance, UBS previously expected that the rapid expansion phase of short-term US Treasury securities as a proportion of circulating debt has passed, however, the (GENIUS Act) may bring a new round of growth. According to this act, stablecoin issuers must maintain 100% reserve support with short-term, highly liquid, and high-quality assets. Approved reserve assets include: US dollar cash, short-term US Treasury bonds, deposits from custodial institutions, and short-term Treasury bond repurchase agreements. After the debt ceiling issue is resolved and the government money market funds expand significantly, the current short-term US Treasury market still has ample absorption capacity. If the (GENIUS Act) stimulates more demand for short-term Treasury bonds, the US Treasury Department may slightly delay expanding the issuance scale of interest-bearing Treasury bonds and also has greater space to repurchase illiquid old bonds. In any case, UBS expects the Treasury Department to continue to maintain a stable relative proportion of short-term Treasury bonds to interest-bearing Treasury bonds.