#稳定币支付与基础设施 After reviewing this information, there are several key data points worth tracking.

The $37 trillion debt scale indeed touches the pain point of the US financial system, but more attention should be paid to the role shift of stablecoins in this process—evolving from a payment tool to an infrastructure for debt structure diversification.

The core logic is as follows: if US dollar inflation occurs domestically, American citizens directly feel the pain of rising prices; but through the stablecoin system, when USDT, USDC are widely used globally, this pain is "exported" to global holders. From an on-chain data perspective, the total market cap of stablecoins and cross-chain liquidity are accelerating growth, which may be driven not only by payment demand.

However, a more realistic issue lies in trust—the transparency verification of reserves can never achieve 100% certainty. Even if blockchain technology can provide real-time audits, it cannot eliminate the risk of the US unilaterally changing rules (a historical precedent being the 1971 dollar de-pegging from gold).

From an investment research perspective, my judgment is: the US is unlikely to adopt a public, aggressive approach to advance this strategy. A more realistic path is through private sector experimentation—such as large-scale Bitcoin hoarding by publicly listed companies like MicroStrategy, ultimately paving the way for adjustments in the national asset structure.

This means that in the short term, two on-chain signals should be closely monitored: changes in cross-chain transfer volumes of stablecoins, and inflow/outflow trends of large holdings addresses (institutional/fund level). Data will come earlier than narratives.