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The daily trading volume of the US dollar stablecoin has exceeded 100 billion, potentially making it the second largest buyer of US Treasuries.
On June 25, according to reports, the daily average trading volume of USD stablecoins has exceeded $100 billion since June, significantly surpassing the trading volumes of Bitcoin and Ethereum. According to the quarterly reports of two stablecoin issuance companies, it can be inferred that among the total $250 billion of USD stablecoins, U.S. Treasury bonds account for at least 80% of the reserve assets, which translates to an additional demand of $200 billion for U.S. Treasury bonds. A certain bank predicts that by 2028, the stablecoin market size will shrink to $2 trillion, corresponding to a demand for U.S. Treasury bonds of $1.2 trillion to $1.6 trillion, making stablecoin issuers the second largest buyers of U.S. Treasury bonds after the Federal Reserve.