Additional demand for treasury bonds may appear due to the growth of the stabelcoin market, explained in Citigroup. If the US government accepts the legislative framework for the regulation of such cryptocurrencies, then they will stimulate interest in dollar risk -free assets within the United States and abroad. Emitters will have to buy US Treasury bonds as basic support for each stablecoin.
However, Citigroup analysts noted that stablecoin has the risks of liquidity outflow. In 2023, they lost reference to fiat currency 1,900 times, and about 600 tokens had a large market capitalization. This may turn out to be “contagious” for other stablecoins. As a result, the liquidity of the cryptorrhoids can be weakened, which will provoke automatic liquidation and worsen the ability of trading platforms to fulfill repayment.
Geopolitical risks can also slow down the adoption of stablecoins at the international level. The report states that if the world continues to move towards the multipolar financial system, then the authorities of China and Europe will strive to promote their own digital currencies of central banks (CBDC) or stablecoins tied to their state currency. Many politicians can regard stablecoins as a tool for hegemony of the dollar.
Citigroup analysts expect that in 2030 most of the stablecoins (90%) will be provided with US dollar.
According to a recent study conducted by BitWise, in 2024, the volume of transactions with stablecoins increased to $ 14 trillion, for the first time overtaking the VISA payment system by $ 1 trillion.
Source: Bits

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