U.S. Treasury Secretary bets on stablecoins becoming key buyers of U.S. debt, promoting the integration of Crypto Assets into the financial core.

On August 20, according to the Financial Times of the UK, U.S. Treasury Secretary Basant is betting that the Crypto Assets industry will become a key buyer of U.S. government bonds in the coming years, as the U.S. government seeks to support the demand for a massive amount of new bonds. Sources familiar with the matter said that Basant has sought information from major stablecoin issuers such as Tether and Circle, and these discussions have influenced the Treasury's plans to increase the sale of short-term Treasury bills in the coming quarters. The U.S. Treasury hopes that stablecoins will become a key source of demand for U.S. government bonds, which is also the latest sign of the White House pushing for Crypto Assets to enter the core of U.S. finance. Jay Barry, global interest rate strategist at JPMorgan, one of the largest traders in the U.S. bond market, stated: "(Secretary Basant and the Treasury) absolutely believe that stablecoins will be a real source of new demand for U.S. government bonds. This is definitely the reason he feels reassured about increasing the proportion of short-term debt issuance." ( Jin10 )