According to Odaily Planet Daily, Everbright Securities published a research report stating that, on the one hand, the characteristics of the US dollar stablecoin will help broaden the functions and use cases of the US dollar, consolidate and enhance the US dollar's position in the international monetary system, and prolong the life of the US dollar's hegemony. On the other hand, by being tied to US Treasury bonds, the US dollar stablecoin can help partially alleviate the US government's debt pressure. However, the US dollar stablecoin is essentially still an extension of the US dollar's credit and does not fundamentally resolve the US dollar's twin deficit problem. In the long run, it will actually increase risks: First, the issuance of the US dollar stablecoin is anchored to short-term bonds, which does not solve the problem of medium- and long-term bond renewal. Currently, medium- and long-term bonds account for 70% of the outstanding US Treasury bonds; second, the expansion of the US dollar stablecoin will exacerbate the instability of the short-term US Treasury bond market and weaken the ability of macroeconomic policy to regulate. (Zhitong Finance)