PANews reported on April 17th, citing Cointelegraph, that former US Treasury Secretary Henry Paulson warned in an interview with Bloomberg that US authorities should develop contingency plans for a potential collapse in demand for US Treasury bonds, the impact of which would be "malign." He stated the need for an "emergency broken window plan," highly targeted and short-term, ready to be activated in the event of a crisis. Currently, the US Treasury market is worth approximately $31 trillion, with government debt exceeding $39 trillion, and the 10-year Treasury yield at 4.3%.

For the crypto market, a crisis in the sovereign debt market could trigger a shift of funds to alternative stores of value such as Bitcoin or gold. However, 63% of Tether's reserves, the world's largest stablecoin issuer, are in US Treasury bonds, and 10% are in overnight reverse repurchase agreements. Bitrue's research director stated that in the short term, Bitcoin and altcoins may be impacted by soaring yields, tightening global liquidity, and safe-haven selling, while amplifying the risks of stablecoins. However, in the long term, it could accelerate the shift of funds to non-sovereign stores of value, positioning Bitcoin as "digital gold."