馬克斯·凱澤（Max Keizer）警告

歡迎來到美國加密貨幣新聞早晨的簡報 - 您未來一天中最重要的進展的基本衰退。

Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.

歡迎來到美國加密貨幣新聞早晨的簡報 - 您未來一天中最重要的進展的基本衰退。

Grab a coffee as we discuss the growing influence of stablecoin issuers in the US Treasury market. With growing institutional adoption and regulatory legitimization of US dollar-pegged stablecoins, experts warn of artificial inflation of demand for the dollar.

當我們討論Stablecoin發行人在美國財政市場的影響力日益增長的影響時，請喝咖啡。專家警告說，隨著美元穩定穩定的製度採用和監管合法化，專家警告人造通貨膨脹對美元的需求。

Crypto News of the Day: Using Government Debt Instruments To Back Digital Dollars is Risky, Keiser Warns

當日加密新聞：Keizer警告說，使用政府債務工具來支持數字美元有風險

The influence of stablecoin issuers in the US is growing, so much that Tether, which already issues the USDT stablecoin, plans to launch a US-only stablecoin by 2025. Tether aims to position stablecoins as strategic financial tools under the Trump administration.

美國已經發行了USDT Stablecoin的Tether計劃在2025年之前推出僅美國的穩定股幣的束縛的旨在將Stether定位為特朗普政府領導下的戰略金融工具。

This chart shows Tether’s dominance in the stablecoin market, with overall supply going from $2 billion to more than $200 billion in recent years.

該圖表顯示了Tether在Stablecoin市場中的主導地位，近年來總體供應從20億美元增加到超過2000億美元。

Meanwhile, the US Treasury projects stablecoins could reach a $2 trillion market by 2028, which could attract more players.

同時，到2028年，美國國庫項目Stablecoins可能會達到2萬億美元的市場，這可能會吸引更多的球員。

Nevertheless, as stablecoin influence in the Treasury market grows, the House Financial Services Committee is concerned.

然而，隨著穩定幣在國庫市場中的影響，眾議院金融服務委員會涉及。

BeInCrypto reported lawmakers questioning US Treasury Secretary Scott  Bessent about Trump-affiliated World Liberty Financial (WLFI) and its new USD1 stablecoin.

Beincrypto報導說，立法者對美國財政部長Scott Bessent詢問有關特朗普附屬世界自由金融（WLFI）及其新的USD1 Stablecoin的情況。

Perhaps, however, the greater concern is stablecoin issuers’ using Treasury yields to buy Bitcoin. According to experts, this could undermine US government reserves.

但是，也許更加擔心的是使用國庫會購買比特幣的發行人的發行人。據專家說，這可能破壞美國政府儲備。

A recent US Crypto News publication indicated reports of stablecoin issuers using Treasury yields to buy Bitcoin. Some say this could undermine initiatives like the proposed US Strategic Bitcoin Reserve, which aims to bolster national holdings of the pioneer crypto.

美國最近的一份加密新聞出版物表明，使用國庫收益率購買比特幣的發行人的報導。有人說，這可能會破壞擬議的美國戰略比特幣保護區，旨在加強先鋒加密的國家持有。

Growing Influence of Stablecoin Issuers in US Treasuries Market is Concerning, Max Keiser Says

馬克斯·凱澤（Max Keizer）說

Among them is Bitcoin pioneer Max Keiser, who voiced concerns over the growing influence of stablecoin issuers in the US Treasury market. Keiser warns that their use of government debt instruments to back digital dollars may have broader implications for the global financial system.

其中包括比特幣先驅馬克斯·凱澤（Max Keizer），他對美國財政部市場的穩定發行人不斷增長的影響表示擔憂。 Keizer警告說，他們使用政府債務工具來支持數字美元可能對全球金融體系具有更大的影響。

As of Q1 2025, Tether reported holding nearly $120 billion in short-term US Treasury securities and reverse repos. This makes it one of the largest non-sovereign holders of American government debt.

截至2025年第1季度，Tether報告說，持有近1200億美元的美國國庫券和反向存儲庫。這使其成為美國政府債務最大的非主管持有人之一。

Meanwhile, Circle, issuer of USDC, disclosed more than $22 billion in Treasury bills in a February 2025 attestation.

同時，USDC的發行人Circle在2025年2月的證明中披露了超過220億美元的國庫券。

These holdings collateralize dollar-pegged stablecoins, helping issuers maintain liquidity and trust. The issuers benefit from the interest income generated by the bonds.

這些持股將美元固定的穩定股份承擔起，幫助發行人保持流動性和信任。發行人從債券產生的利息收入中受益。

While this practice is common and legal, Keiser contends it contributes to deeper systemic issues tied to fiat currency dynamics.

儘管這種做法是普遍且合法的，但Keizer認為它有助於與菲亞特貨幣動態有關的更深層次的系統性問題。

“This is exactly why the stablecoin issuers are buying Bitcoin, this is called a speculative attack on the US dollar. Feeding the debt spiral with fiat stablecoins, buying treasury bills, and then investing the interest into Bitcoin, allowing the stablecoin issuers to buy billions in Bitcoin for free,” Keiser told BeInCrypto.

“這就是穩定的發行人購買比特幣的原因，這被稱為投機性攻擊，以美元付出。用菲亞特·穩定股（Fiat stablecoins）餵債務，購買財政部賬單，然後將利息投資到比特幣中，允許stablecoin發行人免費購買比特幣，免費購買比特幣，” Keizerpto beincrypto beincrypto。 ”

Stablecoin issuers purchase US debt on secondary markets and earn interest, which they may or may not deploy into digital assets like Bitcoin. Keiser is critical of the broader financial architecture underpinning stablecoins.

Stablecoin發行人在二級市場上購買美國債務並賺取利息，他們可能會或可能不會將其部署到比特幣等數字資產中。 Keizer批評更廣泛的金融體系結構基礎的Stablecoins。

“Issuing new stablecoins backed by US T-bills printed out of thin air is not a monetary system, but a financial hologram,” he said.

他說：“發行以稀薄空氣打印的美國T-bills支持的新穩定幣不是貨幣體系，而是金融全息圖。”

US Treasury bills are debt instruments issued by the federal government and sold to investors, including private companies like Tether and Circle, through regulated markets. These stablecoin issuers tokenize existing fiat currency held in reserve.

美國財政賬單是聯邦政府發行的債務工具，並通過受監管的市場出售給包括Tether和Circle等私人公司的投資者。這些穩定的發行人將現有的菲亞特貨幣持有。

Keiser elaborated on what he sees as the long-term consequences of this model.

Keizer詳細闡述了他認為這是該模型的長期後果。

“It’s a speculative attack by private banks. It is financial repression, pushing rates down as ‘malinvestments’ increase. It is rinse and repeat,” he explained.

他解釋說：“這是私人銀行的投機性攻擊。這是財務上的壓制，隨著'支付'的增加'的增加，將利率降低。這是沖洗和重複。”

His critique also extends to the broader outlook for the US dollar, which, according to the Bitcoin pioneer, “is a quick, deadly fix; a USD hospice. Cue the final death throes of the US dollar.”

他的批評也擴展到了美元的更廣泛的前景，根據比特幣先驅者的說法，“這是一個快速，致命的解決方案；美元的臨終關懷。

BeInCrypto has contacted Circle and Tether for comment and will update this article if they respond.

Beincrypto已與Circle和Tether聯繫以供評論，如果他們響應，將更新本文。

Max Keiser Proposes AI To Invent Novel Security Structures

Max Keizer建議AI發明新穎的安全結構

Keiser also highlighted what he views as an emerging trend. He said high-profile investors and technologists use artificial intelligence (AI) and novel corporate strategies to increase Bitcoin exposure.

Keizer還強調了他認為是一種新興趨勢。他說，備受矚目的投資者和技術人員使用人工智能（AI）和新穎的公司策略來增加比特幣的風險。

The Bitcoin maxi referenced Strategy Executive Chair Michael Saylor and investor-turned-political candidate Vivek Ramaswamy.

比特幣超長引用了戰略執行董事邁克爾·塞勒（Michael Saylor）和投資者轉變為政治候選人維維克·拉馬斯瓦米（Vivek Ramaswamy）。

“Financial engineers like Michael Saylor and Vivek Ramaswamy are using AI to invent novel security structures to maximize the Bitcoin Treasury model. Vivek Ramaswamy plans to take his company, Strive Asset Management, public by merging with Asset Entities and starting to accumulate Bitcoin using the model that Saylor’s Strategy has already successfully adopted — using proceeds from stock and debt issuance,” Keiser remarked.

“像Michael Saylor和Vivek Ramaswamy這樣的財務工程師正在使用AI來發明新穎的安全結構，以最大化比特幣財政模型。VivekRamaswamy計劃將他的公司，努力資產管理，與資產實體合併並開始使用Saylor已經成功地採用的股票和債務來累積比特幣，並開始積累比特幣，並使用債務來累積債務，並使用債務來累積債務。