PANews reported on January 15 that according to CNBC, Cornell University economics professor Eswar Prasad reminded that if the stable currency collapses, it may affect the U.S. bond market. He noted that if stablecoin issuers sell their reserves of U.S. Treasuries, such a "run" could affect the U.S. bond market. If such a run occurs at a time when bond market sentiment is "very fragile," such as the current situation in the United States, it may have a "multiplier effect" as Treasury bonds face huge selling pressure. While there are currently no signs of a major stablecoin collapse, Eswar Prasad said that if a large number of users try to convert stablecoins into fiat currencies, issuers such as USDT will have to sell reserve assets such as U.S. Treasuries, “even in a market with fairly high liquidity. , large redemptions would also create volatility in the underlying securities markets. Given the importance of the U.S. Treasury market to the broader U.S. financial system, I think regulators are right to be concerned."