Everbright Securities is a mainstream cashing institution in the A-share market

According to a report by Deep Tide TechFlow, a research report from Everbright Securities points out that US dollar stablecoins help to broaden the functionality of the dollar, consolidate its international status, and alleviate the pressure of US government debt. However, US dollar stablecoins are essentially an extension of US dollar credit and fail to address the twin deficit issue, which may exacerbate risks in the long term. US dollar stablecoins are anchored to short-term bonds, failing to resolve the rollover issue of medium- and long-term bonds, while medium- and long-term government bonds account for 70% of the US's outstanding national debt. Additionally, the expansion of the scale of US dollar stablecoins may exacerbate instability in the short-term US Treasury market, weakening the ability of macro policy regulation.