稳定币和T-Bill

Stablecoins now hold hundreds of billions of dollars in T bills

Bank of International Settlements estimates that Inflows into stablecoins reduce 3-month T-bill yields by 2 to 2.5 bps within 10 days, while outflows lift yields by 6 to 8 bps in the same time period.

也就是说它是短期债券的蓄水池，也是波动率的放大器

New York Federal Reserve researchers concluded “demand for stablecoins grows along with demand for non-stablecoin crypto assets” and “the demand for stablecoins appears to be tied to activity levels in the broader crypto ecosystem.”

把债券和数字货币联系起来，是一把双刃剑