Simply put, converting stablecoins into bonds is a joke, but using stablecoins to expand the effect of US bonds as a payment tool is very meaningful. The payment of USDC is actually to reduce the turnover of US bonds. Using Tbills as a payment tool, according to the normal process, USDC as a payment first involves exchanging USDC back for the previously purchased US bonds, then selling the US bonds for USD, and then trading in USD. The counterparty actually receives USD. (Of course, currently USDC has around 15% USD reserves, and when exchanging, the priority is to use the existing USD for exchange, rather than selling US bonds.) After the introduction of the stablecoin bill, if merchants are willing to hold compliant stablecoins, the issuer of stablecoins does not need to exchange them for US bonds and back into USD, but directly uses the "US bond" certificate as a trading method. So in reality, the larger the scale of compliant stablecoins, the more stable the bond market will be.