PANews reported on June 25 that according to BusinessLIVE, the average daily trading volume of US dollar stablecoins has exceeded US$100 billion since June, significantly exceeding the trading volume of Bitcoin and Ethereum. According to the first quarter reports of Tether and Circle, it can be inferred that among the total US$250 billion of US dollar stablecoins, US Treasury bonds account for at least 80% of the reserve assets, which is equivalent to an additional US$200 billion in demand for US Treasury bonds. Standard Chartered Bank predicts that by 2028, the size of the stablecoin market will drop to US$2 trillion, corresponding to a demand for US Treasury bonds of US$1.2 trillion to US$1.6 trillion, and stablecoin issuers will become the second largest buyer of US Treasury bonds after the Federal Reserve.