Recent trends in the financial markets have sparked widespread follow. Authoritative analyses show that the US dollar stablecoin, as an emerging financial tool, is playing a complex economic role. This digital form of the dollar is expected to expand the functionality of the dollar, further consolidating its global dominance while providing new ideas to alleviate the increasing debt pressure on the US government.

However, experts point out that dollar stablecoins are essentially an extension of dollar credit and do not fundamentally address the dual deficit dilemma facing the United States. In the long run, this approach may exacerbate potential economic risks. It is worth noting that dollar stablecoins are mainly linked to short-term bonds, which does not effectively resolve the issue of medium- and long-term treasury bond rollovers. Considering that medium- and long-term treasury bonds account for as much as 70% of the outstanding U.S. debt, the importance of this issue cannot be ignored.

What is even more concerning is that as the scale of the US dollar stablecoin continues to grow, it may negatively impact the stability of the short-term US Treasury market. This could not only exacerbate market volatility but also weaken the government's ability to conduct macroeconomic policy adjustments. Therefore, when assessing the impact of the US dollar stablecoin, it is necessary to comprehensively consider its short-term benefits and long-term risks.

Overall, the US dollar stablecoin, as an innovative financial tool, has multifaceted impacts. While it provides new economic leverage, it also brings potential systemic risks. Policymakers and market participants need to carefully weigh these factors to ensure the long-term stability and sustainable development of the financial system.