🚨 This wave of stablecoins may be quietly strengthening the US dollar.
A Bank of England official, Carolyn Wilkins, said that the growth of dollar stablecoins isn’t just something that concerns the crypto industry itself—it could also bring about two things at the same time:
• Strengthen the US dollar’s global dominance
• Increase long-term demand for US Treasury bonds
The underlying logic is actually quite simple:
The more widely adopted dollar stablecoins like USDT and USDC become, the more issuers need to hold large amounts of dollar assets and US Treasuries as reserves.
According to data she cited, by the end of 2025, USDT and USDC combined held nearly $150 billion in US Treasuries, with the amount newly purchased that year totaling about $33 billion. Currently, the total circulating supply of stablecoins has exceeded $300 billion, and about 98% of it is pegged to the US dollar.
So what’s truly worth watching about stablecoins isn’t just on-chain payments—it may be that they’re turning into:
A new channel for the globalization of the US dollar + a new buyer of US Treasuries.
But on the flip side, if large-scale redemptions happen in the future and issuers集中 sell Treasuries, it could also amplify volatility in the bond market.
Do you think stablecoins will become the US dollar’s new weapon, or a new point of financial risk?👀
$BTC $ETH
A Bank of England official, Carolyn Wilkins, said that the growth of dollar stablecoins isn’t just something that concerns the crypto industry itself—it could also bring about two things at the same time:
• Strengthen the US dollar’s global dominance
• Increase long-term demand for US Treasury bonds
The underlying logic is actually quite simple:
The more widely adopted dollar stablecoins like USDT and USDC become, the more issuers need to hold large amounts of dollar assets and US Treasuries as reserves.
According to data she cited, by the end of 2025, USDT and USDC combined held nearly $150 billion in US Treasuries, with the amount newly purchased that year totaling about $33 billion. Currently, the total circulating supply of stablecoins has exceeded $300 billion, and about 98% of it is pegged to the US dollar.
So what’s truly worth watching about stablecoins isn’t just on-chain payments—it may be that they’re turning into:
A new channel for the globalization of the US dollar + a new buyer of US Treasuries.
But on the flip side, if large-scale redemptions happen in the future and issuers集中 sell Treasuries, it could also amplify volatility in the bond market.
Do you think stablecoins will become the US dollar’s new weapon, or a new point of financial risk?👀
$BTC $ETH
