The process of "users → stablecoin issuers → buying US bonds with US dollars → receiving money from the Ministry of Finance → government spending → paying to companies/individuals → and then entering the banking system." This step does not increase the money multiplier. But when stablecoins enter the payment system, just like Coinbase for payments, users can use stablecoins to make offline purchases and trade cryptocurrency stocks, https://(x.com)/qinbafrank/status/1934451003635728750? The phenomenon of one dollar being spent as two dollars has emerged in s=46&t=k6rimWs Ebo2D2TXolYcM-A. Previously, I also believed that using monetary multiplier to describe this phenomenon on site was not accurate. Thank you @ backtesthmore for giving a more appropriate definition using Chattpt called "transaction multiplier", which can also be called "circulation multiplier" to make circulation faster. @BlockTVBee @ TJResearch01, let's also take a look. "Transaction multiplier" or "circulation multiplier" should be more accurate