Stablecoin mechanisms make US dollar risk native to cryptocurrencies
Jinse Finance reported that research by the Bank for International Settlements shows that stablecoins are closely related to the pricing dynamics of safe assets. This means that term premium shocks are not just a matter of "macro sentiment"; they also affect the yield, demand, and on-chain liquidity conditions of stablecoins. When the term premium rises, the cost of holding for a period also increases, which may spill over into stablecoin reserve management and alter the liquidity of risk trades. While bitcoin may not directly replace government bonds, in its ecosystem, government bond pricing sets the "risk-free" benchmark.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Overseas capital is aggressively buying US stocks! Net inflows reached $942 billions over the past 12 months, marking a record since 1985.
According to data from the US Department of the Treasury, in the 12 months ending July this year, overseas investors made net purchases of US stocks totaling $942 billion, marking the highest rolling 12-month total since records began in 1985. The net purchases in the second quarter alone reached $426 billion, setting a new single-quarter record. Meanwhile, overseas demand for US Treasuries has noticeably cooled, with purchase volumes falling significantly. As a result, the US is facing higher costs in government debt financing.
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