Hello everyone, happy weekend. I’m J.K Cong.
These past two days, the big pizza has been going crazy—doing nonstop “sit-ups” around the $60,000 mark. Over the weekend it even shrank in volume and just traded sideways. In the community it’s so quiet that even nobody’s sending out红包. Everyone’s probably just bored, scratching their feet absentmindedly, thinking the market has no emotion, right?
But just when it looks like a dead-quiet pool of chatter, I—Brother Cong—stumbled across a report. After reading it, I slapped my thigh in disbelief. We in the crypto space, without realizing it, have already done something earth-shattering!
Today we’re not going to talk about candlestick charts. Let’s talk about something that will let you go out and brag: “macro big-picture thinking.” Ready? All aboard! 🚀
Even the “central bank of central banks” is watching us now?
Here’s how it works: the Bank for International Settlements (BIS)—the “central bank of central banks,” so to speak—recently released an annual economic report. These traditional finance bigwigs, who usually only look down on you from their noses, have actually started building models to estimate our “stablecoins”!
There’s a mind-blowing figure in the report: if there’s a continuous net inflow of $3.5 billion into stablecoins for 5 days, it can cause the 3-month U.S. Treasury yield to fall by about 4 basis points cumulatively within 10 days!
You might ask: “Brother Cong, 3.5 billion sounds huge—what on earth is 4 basis points?” In the BIS statistics, that’s basically a solid “two-times-standard-deviation knockout.” The signal is very clear: the day-to-day operations of stablecoin issuers have already, in a statistically tangible way, bent the short-end U.S. Treasury yield curve—“smashing” the chart!
You think you’re trading crypto—but actually you’re “lending” to Uncle Sam.
The logic is actually so simple it makes you laugh: when you put up real money to buy USDT and USDC, can issuers like Tether and Circle just stash your money in a safe to gather dust? Of course not—they have to earn interest. How do they earn it? By aggressively buying short-term U.S. Treasuries and reverse repos.
So, the “U” issuance we see on-chain is essentially no different from the “money-fund-style fund inflows and outflows” game played by Wall Street’s suit-and-tie fund managers. The only difference is that our ledger is on-chain—so everyone can watch the show.
When you think you’re just a miserable little “shrimps,” the U you hold has already gathered into a primordial buying force in the short-end Treasury market. The more we buy, the more Treasury prices rise—and the yield rates fall. Surprised? Shocking?
Something exciting is coming: the “nuke effect” during a crash.
If it were just buy-buy-buy, that would be one thing. But BIS’s report also pointed out a chilling “asymmetric effect”: if the market plunges and everyone panics, converting U into fiat (large-scale redemptions), the issuer has to dump Treasuries to give you cash out. And the size of the yield spike caused by that sell pressure could be 2 to 3 times what you normally saw during buying.
So what does that mean? It means that if there’s a massive earthquake in the crypto world, this shock will climb right along the wires—shaking up the traditional U.S. Treasury market too. Crypto market risk has already been transmitted, multiplied, into the traditional financial system.
From “wild kids at the edge” to “macroeconomic operators”
Before, when we talked about stablecoins, what were we even talking about? Compliance? Money laundering? Are cross-chain fees expensive? Now the picture has changed! As of the end of May 2026 (right now for us), the total market cap of stablecoins supported by fiat has reached an astonishing $320 billion!
Let me show you an even crazier data point: just in 2025 alone, stablecoin issuers went on a buying spree, snapping up about $35 billion worth of U.S. Treasuries. By the end of 2025, their total holdings of U.S. Treasuries had already surpassed $153 billion!
This is what people call “too big to fail, too big to mess with blindly.” According to BIS’s projections, stablecoins have become an “absolute super force” in the short-term Treasury market that can’t be ignored. In the future, when those big shots at the Fed hold meetings to set monetary policy and manage liquidity—if they dare to not consider our crypto industry’s situation, there’s a high chance they’ll end up crashing!
History cracked a joke full of dark humor.
Brother Cong, I think this is the most interesting footnote to the entire crypto industry moving toward maturity.
When Satoshi created Bitcoin back then, what was the original intent? To resist fiat currency hegemony and detach from traditional sovereign credit. But in the end, to find a pricing tool for this decentralized system, we came up with the crude workaround called “stablecoins.” Never expected that the tool meant to make it easier for us to trade crypto would become a super-highway connecting the on-chain economy with the most core traditional finance market (Treasuries).
Those suit-wearing experts spend their days designing things like “compliance pathways,” but none of it is as fierce as this kind of “planting seeds without intending to” approach. Where does such clarity come from? Only from living water at the source. The source of stablecoins is U.S. Treasuries. As that living water flows along, we somehow converge with the biggest river of global finance—the mainstream money market!
When an industry becomes big enough to directly affect the sovereign debt market, it’s no longer just a “scam” or “hype.” We are, in a sense, macroeconomics itself!
Brother Cong has something to say: A sideways market isn’t scary. What’s scary is that you can’t see the undercurrents moving beneath the surface. Once you understand the underlying logic of the money, you’ll be able to sit tight at the table when the next big bull move arrives.
If you think Brother Cong’s analysis is interesting and got you feeling great, don’t forget to like + follow! Your support is the biggest motivation for me to keep putting out hard-core logic!
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#Solana涨至72美元
