According to online reports, Yuyuantan Tiantian public account issued an article,"Is stablecoin a 'heart-saving pill' for the US dollar?" It points out that according to the United States 'vision, as the stablecoin market expands, it is expected to reach US$3.7 trillion by 2030, and stablecoin issuers will become one of the largest holders of U.S. Treasury bonds. This will form a new "on-chain U.S. debt cycle": the U.S. Treasury issues bonds, stablecoin companies buy them in dollars, and the U.S. Treasury receives funds; while stablecoin companies can use the money from selling stablecoins to continue to buy Treasury bonds and issue stablecoins. This cycle of stablecoins will inevitably accumulate systemic risks. The deeper problem is that the preference of stablecoins does not match the "root cause" of US debt. If it cannot be reasonably designed, but instead ignore its risk attributes, use it as a leverage tool to increase debt, delay the resolution of the dollar's own substantive problems, or even use it as a "sickle" to reap the monetary sovereignty of other countries, it will undoubtedly lead to the accumulation of risks and give the United States The operation of the financial system brings backlash.