Stablecoins are increasingly resembling hedge funds? Tether and USDC are secretly changing the rules of the crypto game
Many people have always thought that stablecoins are very simple. Put in US dollars. Issue tokens. Done. But now more and more people are discovering: Tether and USDC are increasingly not like "stablecoin companies." Instead, they are becoming more like: "Super hedge funds." Why? Because they have way too much money on hand. US Treasuries, short-term bonds, cash management, yield assets... These reserves are no longer just simple bank deposits. They are actively making money. The most outrageous thing is: Stablecoins now make more money than many traditional funds. Because in a high-interest-rate global environment, just earning interest on US Treasuries is already astonishing. So the market is beginning to have a new concern: Are stablecoins truly still "stable"? In the past, everyone thought stablecoins were just payment tools. Now they realize: They are increasingly like financial giants. And the most critical question is: What happens if the risk of reserve assets expands? Especially if we enter a rate-cutting cycle in the future. Lower yields. Changes in capital flows. The business model of stablecoins will also change accordingly. So now the stablecoin industry is no longer just "on-chain US dollars." Instead, it is: "A new type of shadow banking." This is also why regulation is tightening more and more. Because when a stablecoin issuer holds massive amounts of US Treasuries, it is no longer just affecting the crypto world. It can even impact traditional financial liquidity. And the most interesting part in the future is: Stablecoins may become increasingly financialized. Today buying US Treasuries. Tomorrow buying corporate bonds. The day after tomorrow, they might even participate in more asset allocations. By then, will it be a stablecoin, or on-chain Wall Street? This question might be the real big story. #30年期美债收益率突破5%
Stablecoins are increasingly resembling hedge funds? Tether and USDC are secretly changing the rules of the crypto game
Many people have always thought that stablecoins are very simple.
Put in US dollars.
Issue tokens.
Done.
But now more and more people are discovering:
Tether and USDC are increasingly not like "stablecoin companies."
Instead, they are becoming more like:
"Super hedge funds."
Why?
Because they have way too much money on hand.
US Treasuries, short-term bonds, cash management, yield assets...
These reserves are no longer just simple bank deposits.
They are actively making money.
The most outrageous thing is:
Stablecoins now make more money than many traditional funds.
Because in a high-interest-rate global environment, just earning interest on US Treasuries is already astonishing.
So the market is beginning to have a new concern:
Are stablecoins truly still "stable"?
In the past, everyone thought stablecoins were just payment tools.
Now they realize:
They are increasingly like financial giants.
And the most critical question is:
What happens if the risk of reserve assets expands?
Especially if we enter a rate-cutting cycle in the future.
Lower yields.
Changes in capital flows.
The business model of stablecoins will also change accordingly.
So now the stablecoin industry is no longer just "on-chain US dollars."
Instead, it is:
"A new type of shadow banking."
This is also why regulation is tightening more and more.
Because when a stablecoin issuer holds massive amounts of US Treasuries, it is no longer just affecting the crypto world.
It can even impact traditional financial liquidity.
And the most interesting part in the future is:
Stablecoins may become increasingly financialized.
Today buying US Treasuries.
Tomorrow buying corporate bonds.
The day after tomorrow, they might even participate in more asset allocations.
By then, will it be a stablecoin, or on-chain Wall Street?
This question might be the real big story.
#30年期美债收益率突破5%