稳定币发行人目前持有超过 1200 亿美元的美国国债，超过许多国家

稳定币发行人目前持有超过 1200 亿美元的美国国债，成为美国国债第 18 大持有者，并超过了许多国家。

Stablecoin issuers have now become the 18th largest holder of US Debt, surpassing several nations, with a total holding of over $120 billion in US Treasury notes. Of this, Circle holds about $29 billion, while Tether holds a whopping $91 billion.

稳定币发行机构现已成为美国国债第 18 大持有者，超过多个国家，持有美国国债总额超过 1200 亿美元。其中，Circle 持有约 290 亿美元，而 Tether 持有高达 910 亿美元。

The former holds short-dated US Debt, such as repos, while the latter holds Treasuries.

前者持有短期美国债务，例如回购协议，而后者则持有美国国债。

However, as demand for US Debt grows in the crypto industry and elsewhere, concerns begin to mount, and the US needs to consider appropriate debt management measures. Rising debt levels can lead to a sharp drop in the strength of the Dollar and even cause political uncertainty, also known as Liz-Truss-style market chaos.

然而，随着加密货币行业和其他地方对美国债务的需求不断增长，担忧开始加剧，美国需要考虑适当的债务管理措施。债务水平上升可能导致美元强势大幅下跌，甚至引发政治不确定性，也称为利兹特拉斯式市场混乱。

The US government has surpassed $34 trillion in debt this year, with interest payments expected to reach $892 billion by year-end. Analysts speculate that the country’s debt will reach $50 trillion in the next ten years.

美国政府今年的债务已超过 34 万亿美元，预计年底支付的利息将达到 8920 亿美元。分析人士推测，未来十年该国债务将达到50万亿美元。

Stablecoin issuers back their dollar-pegged assets with cash and its equivalents, such as the US Debt. Cash and debt instruments serve multiple purposes for stablecoin firms.

稳定币发行人用现金及其等价物（例如美国国债）支持其与美元挂钩的资产。现金和债务工具对稳定币公司有多种用途。

Beyond backing the on-chain assets, they earn companies like Tether and Circle tremendous revenues through interest. Thus, their business model necessitates them to leverage US Debt to generate profits.

除了支持链上资产之外，他们还通过利息为 Tether 和 Circle 等公司赚取巨额收入。因此，他们的商业模式要求他们利用美国债务来产生利润。

Moreover, they can acquire a vast amount of US Debt due to the demand for their stablecoins within the crypto ecosystem. They act as a convenient and essential tool to store value, trade, and transact on-chain.

此外，由于加密生态系统内对其稳定币的需求，他们可以获得大量美国债务。它们是存储价值、交易和链上交易的便捷且重要的工具。

This demand is pushing legislators in the US to prepare and pass the first-ever stablecoin bill in the country, which will favor the asset and its users.

这种需求正在推动美国立法者准备并通过该国首个稳定币法案，这将有利于该资产及其用户。

Many believe that stablecoins will be legitimized before the elections this year. Earlier this year, legislators attempted to include stablecoin regulations in must-move bills but were unsuccessful.

许多人认为，稳定币将在今年选举前合法化。今年早些时候，立法者试图将稳定币监管纳入必须采取的法案中，但没有成功。

Now, they look forward to the lame-duck period to try again and hopefully succeed. The lame-duck period refers to the time between the election and the president-elect formally stepping into office a few months later.

现在，他们期待着在跛脚鸭时期再次尝试，并希望能够成功。跛脚鸭期是指从选举到当选总统几个月后正式上任之间的时间。