PANews reported on April 10 that according to OKG Research analysis, as of the latest data from the U.S. Treasury Department (April 8), the balance of TGA (Treasury General Account) fell from $405.786 billion at the beginning of the month to $309.989 billion, with a cumulative release of $95.79 billion in liquidity, 3.18 times the same period in March. This behavior is regarded by the market as a "stealth version of fiscal easing" and provides short-term support for risky assets. At the chain data level, since 2024, the global stablecoin market has exceeded $235 billion at a growth rate of 80.7%. Stablecoins are more like a "simplified" monetary tool in shadow banking. When these companies issue additional stablecoins, they are actually injecting liquidity into the crypto economy.

The "resonance" of fiscal liquidity release and the pace of on-chain dollar issuance provides additional liquidity support in the case of limited liquidity space, providing momentum for short-term risk appetite repair. It is worth noting that from the perspective of monetary policy, if the Fed continues to stand pat, the space and pace of fiscal liquidity release and the on-chain issuance of encrypted liquidity release will become important variables in the new round of asset price fluctuations.