Coincidentally, I remember one day I saw the artist talking about the issue of stablecoins, which seemed to mean that stablecoins are equivalent to x2 US dollars. At that time, I wanted to talk about this topic, but I forgot. Today, I suddenly remembered but couldn't find the post from that time. Let me share my opinion on stablecoins, which is not related to the market trend and may be meaningful to the vast majority of friends. There is no need to open it up. Firstly, stablecoins are not in the US dollar, especially the current 1:1 dollar pegged primarily in USDT and USDC, which are not in US dollars but rather T-Bills notes worth $1, issued on the chain. Among them, USDC is more inclined towards 1 US dollar, as nearly 70% to 80% of its assets are short-term US bonds, 10% to 20% are cash, and the remaining are overnight reverse repos. Less than 80% of USDT is in short-term US Treasury bonds, while the rest includes gold and other debt as endorsements. The asset composition is more complex, and in extreme cases, USDT's risk resistance is indeed lower than USDC, but it does not mean that USDT has risks, and there are currently no risks. So we can clearly know that the vast majority of USDT and USDC are printed credentials through the purchase of US Treasury bonds. Therefore, when we use USDT or USDC to purchase cryptocurrencies, we are not actually buying in US dollars, but using US Treasury bonds equivalent to 1 dollar. Secondly, when users choose to sell USDT or USDC to redeem US dollars, it is essentially Tether or Circle that needs to sell the corresponding share of US bonds and then redeem them for the user. In other words, Tether and Circle essentially use the US dollars you give them to buy US bonds, and then put the rights of the US bonds on the chain, giving you the corresponding US dollars on the chain. This is also the main source of profit for Tether and Circle, which is equivalent to these two companies helping us buy US bonds, but we can only receive "certificates", and the profits belong to these two companies. More importantly, "certificates" cannot be directly redeemed in the US bond market, nor can they interact directly with banks. In the end, we can only exchange them through Tether and Circle. Coinbase currently offers returns of 4.5% or lower, essentially returning a portion of the proceeds from your purchase of US Treasury bonds to you, rather than because you hold US dollars. For Coinbase, holding US dollars does not make them profitable, only holding USDC can make them profitable. So, fundamentally, it's not because USDT and USDC can turn 1 dollar into 2 dollars, but because there are three forms of 1 dollar: the first form is USD, the second form is US bonds, and the third form is US bond notes. Both USDT and USDC are in the third form, so stablecoins don't have additional printing of USD, they're just on chain credentials for US bonds. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex