A news article indicates that the total amount of BTC held in the United States reaches 8 million, accounting for 40% of the total BTC supply.
Currently, although the U.S. government does not require institutions or exchanges to hold U.S. Treasury bonds in proportion to their BTC holdings, there are regulations requiring stablecoins to be held in equal measure to U.S. Treasury bonds.
From this perspective, given that the United States already holds 40% of the total Bitcoin, it can be said that Bitcoin does not necessarily need to become a strategic reserve for the U.S.; instead, the regulated stablecoins are more important.
In other words, holding stablecoins requires equal holdings of U.S. Treasury bonds. Given the 40% holding in the United States, when Bitcoin continues to surge in the future, this group will inevitably need a very large demand for stablecoins when they want to exchange back. And holding a large amount of stablecoins requires issuing more stablecoins and purchasing more U.S. Treasury bonds.
Therefore, it appears that the ultimate beneficiaries are the U.S. Treasury bonds.
