According to BlockBeats news on August 20, the Financial Times reported that U.S. Treasury Secretary Basant bets that the cryptocurrency industry will become a key buyer of U.S. Treasury bonds in the coming years, as the U.S. government seeks to support the demand for a massive new issuance of government bonds.
Insiders said that Basant has sought information from major stablecoin issuers such as Tether and Circle, and these discussions have influenced the Treasury's plans to increase short-term Treasury bill sales in the coming quarters.
The U.S. Treasury Department hopes that stablecoins will become a key source of demand for U.S. government bonds, which is also the latest sign of the White House pushing cryptocurrency into the core of American finance. Jay Barry, head of global interest rate strategy at one of the largest traders in the U.S. bond market, JPMorgan, stated: "(Secretary Basant and the Treasury) absolutely believe that stablecoins will become a real source of new demand for U.S. Treasury bonds. This is definitely the reason he feels reassured about increasing the proportion of short-term debt issuance." (Jin Shi)
