Just saw a speech by Wilkins, a member of the Bank of England’s Monetary Policy Committee: the expansion of US dollar stablecoins may end up reinforcing US dollar hegemony—cross-border settlements are more convenient, and overseas players find it easier to access dollar-denominated assets. Issuers also have to stockpile large amounts of US Treasuries as reserves. Citing data, she said that by the end of 2025, Tether+Circle would hold nearly $150 billion in short-term US Treasuries, having bought about $33 billion that year. But she also warned of the other side: if a wave of redemptions comes, issuers may be forced to sell US Treasuries, which could amplify volatility in the bond market. Stablecoin circulation has already exceeded $300 billion, with about 98% pegged to the US dollar—an early-mover advantage is strong.$USDC $USDT #稳定币 #USD