Recent global debt developments have attracted market attention. The US debt-to-GDP ratio has reached 124.3%, and the massive debt of $38 trillion has caused interest costs to surpass military spending. This "leverage gap" is reshaping investors' risk perception.

When the fiat currency credit foundation is eroded, the market naturally seeks alternative assets. Bitcoin, with its fixed supply of 21 million coins and the verifiable issuance rule that the 20 millionth coin will be produced by March 2026, is gradually gaining recognition from institutions as "digital gold." Historical data confirms this trend: during the Federal Reserve's large-scale balance sheet expansion in 2020, Bitcoin's price increased by 300%. If debt pressures again force monetary policy to loosen, similar gains could fully reoccur.

Meanwhile, stablecoins are becoming a key hub between traditional finance and the on-chain world. With a circulation scale of $300 billion and an average monthly transaction volume of $1.1 trillion, they are already capable of shaking up the traditional cross-border payment system. As relevant legislation is gradually improved, the application of stablecoins in international trade settlement, payroll distribution, and other scenarios will accelerate. This not only changes the way funds flow but also redefines a new path for "hedging sovereign risk."

Around 2026, the linkage between macroeconomics and the crypto market will reach new heights—marking the beginning of a systemic restructuring.