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Stablecoin mechanisms make US dollar risk native to cryptocurrencies

Stablecoin mechanisms make US dollar risk native to cryptocurrencies

金色财经金色财经2026/01/18 18:46
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Jinse Finance reported that research by the Bank for International Settlements shows that stablecoins are closely related to the pricing dynamics of safe assets. This means that term premium shocks are not just a matter of "macro sentiment"; they also affect the yield, demand, and on-chain liquidity conditions of stablecoins. When the term premium rises, the cost of holding for a period also increases, which may spill over into stablecoin reserve management and alter the liquidity of risk trades. While bitcoin may not directly replace government bonds, in its ecosystem, government bond pricing sets the "risk-free" benchmark.

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