Warning: 99% of retail investors are unaware of the truth about U.S. Treasury bonds! Stablecoins are the biggest casino in 2025, I bet the Federal Reserve will yield!

When the Federal Reserve starts to closely monitor stablecoins, it means that the ‘wild growth’ of cryptocurrencies is being pulled into the gravitational field of traditional finance—the future volatility may no longer be solely determined by market sentiment.

The latest minutes from the Federal Reserve mentioned two things: first, stablecoins could increase the demand for U.S. Treasury bonds; second, this thing has too much impact and needs to be closely monitored.

To put it simply: if mainstream stablecoins (like USDT, USDC) continue to use a large amount of U.S. Treasury bonds as reserve assets, it means that global cryptocurrency funds have indirectly become the “buyers” of U.S. Treasury bonds, which could even lower bond yields;

But if stablecoins collapse or undergo mass redemptions, it could instead trigger a flash crash in the U.S. Treasury market, with chain risks threatening the traditional financial system.

My view is: the Federal Reserve appears “calm” on the surface but has actually regarded stablecoins as a systemic variable.

For example: when USDC briefly lost its peg due to the Silicon Valley Bank crisis in 2023, U.S. Treasury short-term yields immediately fluctuated, which is a typical case of “on-chain risk infecting off-chain.”

In the future, if Bitcoin ETFs or compliant stablecoin scales double again, the U.S. Treasury market could even be hijacked by cryptocurrency funds—traditional institutions enjoy liquidity benefits while still having to operate at the mercy of stablecoin issuers.

Want to know if stablecoins will become “Lehman Brothers 2.0” in the next round of Federal Reserve interest rate hikes?

关注缠敛主页简洁介绍, the next issue will analyze the transparency of the reserves of the three major stablecoins—who is swimming naked may be more thrilling than you think.