There is a phenomenon worth deeper reflection: the stablecoins traded daily are actually participating in a global financial cycle, and the US trade deficit happens to be the starting point of this cycle.

Let's look at the fundamentals. The logic behind the US trade deficit is quite simple—global goods flow to the US, and US dollars flow globally. Over the past few decades, these outbound dollars have mainly been recycled through foreign central banks purchasing US Treasuries. But the situation is changing. Currently, global central banks are beginning to reduce their holdings of US Treasuries, and stablecoin issuers have quietly filled this gap, becoming new buyers of US debt. Why is this happening? Because stablecoins need to maintain a 1:1 peg to the US dollar, and issuers must use user funds to purchase cash or short-term US Treasuries as reserves—this means that the growing global demand for stablecoins essentially translates into demand for US Treasuries.

A set of data makes this clear: the leading stablecoin issuers currently hold over $150 billion in US short-term government bonds, a scale that approaches the foreign exchange reserves of many countries. The logic behind this is quite ingenious—America releases dollars to the world through trade deficits, and then pulls the dollars back via the stablecoin intermediary channel, solving the US debt financing needs while avoiding further expansion of the Federal Reserve's balance sheet. The crypto market, unconsciously, has become a core part of this system.

An interesting contradiction here: the US government claims to want to reduce the trade deficit through tariffs, yet it is heavily dependent on the dollar repatriation brought by stablecoins to support the bond market. How this tension will evolve and what it means for the stablecoin ecosystem is likely to be a key focus in the near future.