Recently, a discussion about the underlying logic of the U.S. government behind stablecoins has attracted widespread attention. This discussion reveals how dollar reserve stablecoins have become a new financial tool for the U.S. government and Wall Street, implementing a clever 'point shaving' mechanism.

The core idea suggests that dollar-denominated reserve stablecoins effectively create a unique "seigniorage" business model. This model cleverly connects the yield on U.S. Treasury bonds with the demand for dollars on the blockchain, allowing for substantial interest rate spreads while not paying interest on the books.

At a deeper level, the US government and Wall Street are utilizing this mechanism to extend the credit of the US dollar into the global digital asset space and cross-border payment settlement systems through the issuance of stablecoins and allocation of US Treasury bonds. This approach bypasses traditional central bank direct channels, achieving a new form of monetary expansion.

However, the sustainability of this mechanism is in question. In the short term, under a low interest rate and loose monetary environment, this mechanism operates relatively smoothly. But when a new round of interest rate hikes arrives, the duration loss at the reserve end and liquidity pressure may significantly increase, putting the entire system to a severe test.

This asset circulation model involves four key steps that constitute the 'fund-asset' circulation chain of stablecoins. This process not only affects the digital currency market but also reflects the strategic layout of the United States in the global financial system.

It is noteworthy that this mechanism brings both opportunities and risks. It provides new financial tools for the United States, but it may also exacerbate the vulnerabilities in the global financial system. For investors and policymakers, it is crucial to understand the operational principles and potential impacts of this mechanism.

With the continuous development of the digital economy, the role of stablecoins in the global financial system may further expand. This not only requires us to closely monitor the evolution of relevant policies and regulatory frameworks but also necessitates rethinking the positioning and future of traditional currency systems in the digital age.