PANews reported on July 22 that according to Zhitong Finance, UBS had previously expected that the rapid expansion of the proportion of short-term U.S. Treasury bonds in tradable debt had passed, but the GENIUS Act may bring a new round of growth. According to the Act, stablecoin issuers must maintain 100% reserve support with short-term, highly liquid and high-quality assets. Approved reserve assets include: US dollar cash, short-term U.S. Treasury bonds, deposits of insured depository institutions, and short-term Treasury bond repurchase agreements. After the debt ceiling issue was resolved and the government's money market funds expanded significantly, the current short-term U.S. Treasury market still has ample absorption capacity. If the GENIUS Act stimulates more demand for short-term Treasury bonds, the U.S. Treasury can slightly postpone the time to expand the scale of interest-bearing Treasury bonds, and there is also more room to repurchase old bonds with poor liquidity. In any case, UBS expects the Treasury to continue to keep the relative proportion of short-term Treasury bonds to interest-bearing Treasury bonds stable.