UBS: Stablecoins will boost net demand for U.S. short-term Treasury bonds, and there is still room for short-term debt supply
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最新报道：According to the news from Bijie.com, on July 22, according to Zhitong Finance, UBS previously expected that the rapid expansion of the proportion of short-term U.S. Treasury bonds in tradable debt has passed, but the GENIUS Act may bring a new round of growth. According to the bill, stablecoin issuers must maintain 100% reserve support and use short-term, highly liquid and high-quality assets. Approved reserve assets include: US dollar cash, short-term U.S. Treasury bonds, deposits of insured depository institutions, and short-term Treasury bond repurchase agreements. After the debt ceiling issue is resolved and the government's money market funds have expanded significantly, the current short-term U.S. Treasury bond market still has sufficient absorption capacity. If the GENIUS Act stimulates more demand for short-term Treasury bonds, the U.S. Treasury can slightly postpone the time to expand the scale of interest-bearing Treasury bonds, and there is more room to repurchase old bonds with poor liquidity. In any case, UBS expects the Treasury to continue to keep the relative proportion of short-term Treasury bonds to interest-bearing Treasury bonds stable.
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