马克斯·凯泽（Max Keizer）警告

欢迎来到美国加密货币新闻早晨的简报 - 您未来一天中最重要的进展的基本衰退。

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

欢迎来到美国加密货币新闻早晨的简报 - 您未来一天中最重要的进展的基本衰退。

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.

当我们讨论Stablecoin发行人在美国财政市场的影响力日益增长的影响时，请喝咖啡。专家警告说，随着美元稳定稳定的制度采用和监管合法化，专家警告人造通货膨胀对美元的需求。

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

当日加密新闻：Keizer警告说，使用政府债务工具来支持数字美元有风险

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.

美国已经发行了USDT Stablecoin的Tether计划在2025年之前推出仅美国的稳定股币的束缚的旨在将Stether定位为特朗普政府领导下的战略金融工具。

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.

该图表显示了Tether在Stablecoin市场中的主导地位，近年来总体供应从20亿美元增加到超过2000亿美元。

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

同时，到2028年，美国国库项目Stablecoins可能会达到2万亿美元的市场，这可能会吸引更多的球员。

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

然而，随着稳定币在国库市场中的影响，众议院金融服务委员会涉及。

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

Beincrypto报道说，立法者对美国财政部长Scott Bessent询问有关特朗普附属世界自由金融（WLFI）及其新的USD1 Stablecoin的情况。

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，也许更担心的是使用国库会购买比特币的发行人的发行人。据专家说，这可能破坏美国政府储备。

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.

美国最近的一份加密新闻出版物表明，使用国库收益率购买比特币的发行人的报道。有人说，这可能会破坏拟议的美国战略比特币保护区，旨在加强先锋加密的国家持有。

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

马克斯·凯泽（Max Keizer）说

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.

其中包括比特币先驱马克斯·凯泽（Max Keizer），他对美国财政部市场的稳定发行人不断增长的影响表示担忧。 Keizer警告说，他们使用政府债务工具来支持数字美元可能对全球金融体系具有更大的影响。

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报告说，持有近1200亿美元的美国国库券和反向存储库。这使其成为美国政府债务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.

同时，USDC的发行人Circle在2025年2月的证明中披露了超过220亿美元的国库券。

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

这些持股将美元固定的稳定股份承担起，帮助发行人保持流动性和信任。发行人从债券产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.

尽管这种做法是普遍且合法的，但Keizer认为它有助于与菲亚特货币动态有关的更深层次的系统性问题。

“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.

“这就是稳定的发行人购买比特币的原因，这被称为投机性攻击，以美元付出。用菲亚特·稳定股（Fiat stablecoins）喂债务，购买财政部账单，然后将利息投资到比特币中，允许stablecoin发行人免费购买比特币，免费购买比特币，” 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发行人在二级市场上购买美国债务并赚取利息，他们可能会或可能不会将其部署到比特币等数字资产中。 Keizer批评更广泛的金融体系结构基础的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.

他说：“发行以稀薄空气打印的美国T-bills支持的新稳定币不是货币体系，而是金融全息图。”

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.

美国财政账单是联邦政府发行的债务工具，并通过受监管的市场出售给包括Tether和Circle等私人公司的投资者。这些稳定的发行人将现有的菲亚特货币持有。

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

Keizer详细阐述了他认为这是该模型的长期后果。

“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.

他解释说：“这是私人银行的投机性攻击。这是财务上的压制，随着'支付'的增加'的增加，将利率降低。这是冲洗和重复。”

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.”

他的批评也扩展到了美元的更广泛的前景，根据比特币先驱者的说法，“这是一个快速，致命的解决方案；美元的临终关怀。

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

Beincrypto已与Circle和Tether联系以供评论，如果他们响应，将更新本文。

Max Keiser Proposes AI To Invent Novel Security Structures

Max Keizer建议AI发明新颖的安全结构

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还强调了他认为是一种新兴趋势。他说，备受瞩目的投资者和技术人员使用人工智能（AI）和新颖的公司策略来增加比特币的风险。

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

比特币超长引用了战略执行董事迈克尔·塞勒（Michael Saylor）和投资者转变为政治候选人维维克·拉马斯瓦米（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这样的财务工程师正在使用AI来发明新颖的安全结构，以最大化比特币财政模型。VivekRamaswamy计划将他的公司，努力资产管理，与资产实体合并并开始使用Saylor已经成功地采用的股票和债务来累积比特币，并开始积累比特币，并使用债务来累积债务，并使用债务来累积债务。