Interesting viewpoints are coming. Princeton senior researcher Bill Dudley recently spoke candidly in the media: relying on stablecoins to alleviate US debt pressure is probably not feasible.

This view directly contradicts some previous optimistic expectations. It is worth noting that many hoped that the development of stablecoins could drive private capital into the US Treasury market, thereby helping the government reduce borrowing costs—sounds logical. But reality is often more complicated.

Where is the problem? On one hand, although stablecoins are developing rapidly, their scale and liquidity are still small compared to the entire US debt market. On the other hand, investors' demand decisions are influenced by multiple factors and will not completely change their Treasury allocation strategies just because stablecoins appear.

This also reminds Web3 practitioners of a reality: while innovation in crypto assets is cool, to move the entire financial system or macroeconomic landscape requires deeper market participation and institutional recognition, which cannot be achieved overnight.