Princeton researcher Bill Dudley recently poured cold water on the stablecoin proposal put forward by US Treasury Secretary Scott Bessent. His conclusion is straightforward: stablecoins are fundamentally insufficient to solve the US debt crisis.

To put it plainly, the current total market capitalization of global stablecoins is only about $317.94 billion. What is the scale of the US debt gap? Trillions. It's like trying to fill a swimming pool with a cup of water—completely unrealistic.

Previously, the crypto community has been hyping the logic of "stablecoins backing government bonds → increased demand → market benefits." The GENIUS Act attempts to tie stablecoin reserves to short-term US Treasuries, which indeed sounds very attractive. But from a data perspective, this narrative is collapsing. Those sectors that solely bet on policy expectations are now facing significant valuation pressures.

However, it should be noted that the long-term value of stablecoins remains unchanged. As a hub of on-chain liquidity and a bridge to traditional finance, the trend toward compliance still exists. The issue is that short-term speculative sentiment needs to cool down.

What truly deserves attention is the performance of stablecoins in practical applications such as cross-border payments and DeFi collateralization, rather than the bubble inflated by policy hype. Investors need to learn to distinguish between infrastructure value and market speculation to avoid being hijacked by short-term emotions.