In fiscal year 2025, the interest expenditure by the U.S. federal government for repaying national debt surpasses 1 trillion dollars for the first time, exceeding defense spending and Medicare expenditure. Analysts warn that this could trigger a 'debt spiral', and the U.S. Treasury is positioning stablecoins as a strategic tool, introducing new regulations requiring issuers to hold U.S. Treasury reserves, which may give rise to a large new group of government debt buyers.