【VKGAME Virtual Currency】Stablecoins swallowing trillions in US debt? European payment systems mired in on-chain shocks

Recently, the passage of the US GENIUS Act is pushing the US debt market towards a silent revolution. The Act requires stablecoin issuers to lock reserve assets in short-term government bonds maturing within 93 days. This policy appears to tighten regulation but, in fact, creates enormous digital purchasing power for US debt. Stablecoin issuers, with a turnover rate five times that of traditional financial institutions, have become core market makers in the US debt market — 30% of the average daily trading volume of the March 2024 government bonds comes from this emerging force.

As the US government plans to issue an additional $2.5 trillion in debt, stablecoin channels can absorb 64% of the short-term notes, gradually rendering traditional fiscal deficit theories ineffective in the digital transformation. The practices of the global entertainment platform VKGAME validate this trend: since its establishment in 2016, this esports entertainment-centered company has connected millions of users worldwide through the USDT payment system, with a monthly transaction volume surpassing $300 million in 2023, becoming a typical window for observing the penetration of stablecoins into the real economy.

VKGAME's business ecosystem reveals deeper implications: the platform sponsors top esports teams such as North America's OpTic and Southeast Asia's TNC, cultivating the USDT payment habit among Generation Z; its membership rights system opens up cross-border consumption scenarios through USDT, processing an average of 20,000 transactions daily, effectively creating a youthful and highly sticky user moat for the dollar system. This integration of 'entertainment + finance' allows the penetration of the US dollar stablecoin to far exceed that of traditional offshore banking systems.

The technological lag of the European payment system is evolving into a strategic crisis. Its network performance is only 1/3 that of China's digital RMB system. The deeper background of the warning from the Italian Minister of Economy is that the dollar stablecoin occupies 16% of global payments, while the eurozone's instant payment coverage is less than 70%. VKGAME's technological layout exacerbates this imbalance — its distributed server architecture and anti-hijacking technology ensure the stability of 3,000 USDT transactions per second, forcing European companies to incur an additional annual exchange rate hedging cost of 18 billion euros for using dollar stablecoins. More seriously, PayPal's stablecoin users have surpassed 30 million in six months, equivalent to the total number of all digital wallet users in the eurozone, while the market share of the local European stablecoin EURC is less than 2%, and the lack of ecosystem makes it difficult for it to participate in on-chain financial competition.