[{"type":"paragraph","children":[{"text":"The passage of stablecoin legislation in the United States has sparked a debate on Wall Street: will stablecoins actually significantly strengthen the dollar and become the primary source of demand for short-term U.S. Treasury bonds (T-bills)? "}]},{"type":"bulleted-list","children":[{"type":"list-item","children":[{"text":"While officials like Treasury Secretary Scott Bessent predict the dollar-denominated stablecoin market will grow from around $300 billion to $3 trillion by 2030, institutions like JPMorgan Chase, Deutsche Bank, and Goldman Sachs emphasize that current optimistic forecasts are overstated.ððð"}]},{"type":"list-item","children":[{"text":"The new law requires stablecoins to be fully backed by short-term Treasury securities and cash equivalents."}]},{"type":"list-item","children":[{"text":"While this may create some increased demand, the zero-interest rate structure reduces its appeal, making it difficult to encourage large-scale capital outflows from savings or money markets."}]},{"type":"list-item","children":[{"text":"Furthermore, even if capital outflows do occur, the effect is largely a substitution of holders rather than a real increase in aggregate demand for Treasury bonds. âžâžâž"}]},{"type":"list-item","children":[{"text":"Globally, the potential for stablecoin growth is seen as a major risk to emerging market banking systems."}]},{"type":"list-item","children":[{"text":"Standard Chartered predicts that developing countries could face up to $1 trillion in capital outflows, leading to tighter regulations."}]}]},{"type":"paragraph","children":[{"text":"Analysts generally believe that stablecoins will indeed grow in the coming years, but their contribution to US Treasury bonds and the dollar system is likely to be a âmarginal improvementâ rather than a major tool for addressing debt and deficit pressures."}]},{"type":"paragraph","children":[{"text":""}]},{"type":"paragraph","children":[{"text":""},{"type":"topic","character":"Stablecoins","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"cryptocurrency","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"Jucom","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"blockchain","children":[{"text":""}]},{"text":" "},{"type":"topic","character":"Finance","children":[{"text":""}]},{"text":" "},{"type":"coin","currencyId":7,"currency":"btc","symbolId":6,"symbol":"btc_usdt","logo":"https://web.jucoin.online/cdn/coin/logo/btc.png","fullName":"Bitcoin","character":"BTC/USDT","children":[{"text":""}]},{"text":" "},{"type":"coin","currencyId":128,"currency":"ju","symbolId":73,"symbol":"ju_usdt","logo":"https://storage.webstatic.cc/1/currency/3908d2d8-94c4-4db9-9fc5-9a5bdaae5860-1758872417826.png","fullName":"JU","character":"JU/USDT","children":[{"text":""}]},{"text":" "},{"type":"coin","currencyId":8,"currency":"eth","symbolId":7,"symbol":"eth_usdt","logo":"https://web.jucoin.online/cdn/coin/logo/eth.png","fullName":"Ethereum","character":"ETH/USDT","children":[{"text":""}]},{"text":" "}]}]