Stablecoins now hold hundreds of billions of dollars in T bills
Bank of International Settlements estimates that Inflows into stablecoins reduce 3-month T-bill yields by 2 to 2.5 bps within 10 days, while outflows lift yields by 6 to 8 bps in the same time period.
也就是說它是短期債券的蓄水池，也是波動率的放大器
New York Federal Reserve researchers concluded “demand for stablecoins grows along with demand for non-stablecoin crypto assets” and “the demand for stablecoins appears to be tied to activity levels in the broader crypto ecosystem.”
把債券和數字貨幣聯係起來，是一把雙刃劍
