#稳定币发展# The U.S. Treasury Secretary's move to seek stablecoin issuers to become buyers of U.S. debt is worth following. This reflects a shifting government attitude towards the crypto assets industry, attempting to incorporate it into the TradFi system. According to on-chain data, the reserves of major stablecoins are still primarily composed of cash and short-term government bonds. If stablecoin issuers increase their holdings of long-term U.S. debt, it may affect their liquidity and risk profile. Continuous tracking of changes in stablecoin reserve structures and the evolution of related regulatory policies is necessary. This could become an important factor influencing the development of stablecoins and the entire crypto market.