#密码资产动态追踪 Listen to what Princeton researcher Bill Dudley has to say — the story of "sovereign debt-backed" stablecoins now seems a bit shaky.

Let's look at the data: the total global stablecoin market cap is $317.94 billion. U.S. Treasury Secretary Scott Bessent wants to use stablecoins to ease debt pressures, which sounds great, but using over $300 billion to fill a trillion-dollar debt gap? Frankly, that's like a drop in the bucket. The "GENIUS Act" attempts to tie stablecoin reserves to U.S. Treasuries, hoping this can sustainably boost demand for Treasuries. But with the debt size so large, no matter how sophisticated the mechanism, it can't bridge that gap.

The previous logical chain in the crypto world has been broken — "Stablecoins support U.S. debt → Compliance narrative takes off → Market sentiment soars." This story now needs to be retold. The sectors that relied on this narrative may face valuation adjustments in the short term, which is a market reality to digest.

But this doesn't mean stablecoins have no future. As a hub of on-chain liquidity and a bridge between Web3 and traditional finance, the trend toward the compliance of stablecoins is long-term certain. The issue is, short-term hype needs to cool down.

When investing, think carefully: the infrastructure value of stablecoins is one thing, short-term policy speculation is another. What truly matters are real use cases like cross-border payments and DeFi collateralization, not just chasing policy benefits. Avoid speculative assets solely supported by expectations, and be a sober participant.