Internet reports that the average daily trading volume of U.S. dollar stablecoins since June has exceeded US$100 billion, significantly exceeding the trading volume of Bitcoin and Ethereum. According to the quarterly reports of Tether and Circle, among the total US$250 billion in U.S. dollar stablecoins, U.S. debt accounts for at least 80% of reserve assets, which is equivalent to an additional US$200 billion in demand for U.S. debt. Standard Chartered Bank predicts that by 2028, the size of the stablecoin market will drop to US$2 trillion, corresponding to US$1.2 trillion to US$1.6 trillion in demand for U.S. bonds. stablecoin issuers will become the second largest buyer of U.S. bonds after the Federal Reserve.