[Stablecoins May Become a New Driver of U.S. Treasury Demand, Holdings Exceed $150 Billion] Stablecoins are gradually becoming an important component of the global macroeconomy. Currently, more than 1% of U.S. dollars exist on public blockchains in the form of tokenized stablecoins. Their holdings of U.S. Treasuries have risen from 20th place last year to 17th place, totaling over $150 billion, surpassing the U.S. Treasury holdings of many sovereign nations. Despite a global decline in demand for U.S. Treasuries and the continued growth of U.S. national debt, the stablecoin market is expected to grow to over $3 trillion by 2030, with more than 99% of stablecoins denominated in U.S. dollars. This trend could provide strong and sustainable demand support for U.S. Treasuries, potentially alleviating some debt pressures.