Asia Morning Briefing: Are Stablecoins an 'Engine of Global Dollar Demand' or a 2008-Style 'Liquidity Crunch'?
Publikováno: 3.9.2025
Some might say they are boring, but stablecoins are becoming a lever on Treasury liquidity — and a source of debate over whether they steady or strain markets.
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While traders fixated on Jerome Powell’s latest rate signals, the more consequential story may be playing out in stablecoins.
The sector has nearly doubled in a year to $280 billion, with most issuers holding short-term Treasuries as collateral. That ties crypto liquidity more directly to Federal Reserve policy than ever before, according to OKX Singapore CEO Gracie Lin.
"While markets are still digesting Powell’s latest comments on rates, a more consequential long-term shift is happening beyond the charts and headlines. It's in the so-called 'boring' stablecoins that we're seeing better long-term price signals," Lin told CoinDesk in a note.
"The next step is unification - stablecoins have built the rails, now they need a unified market that delivers liquidity, efficiency and true utility for investors," Lin continued.
Coinbase analysts project the market could swell to $1.2 trillion by 2028, forcing $5.3 billion of new Treasury purchases each week. The inflows may marginally lower yields, but the risk runs in reverse: redemption surges could trigger forced selling of bills, draining liquidity.
The debate continued in a recent episode of Goldman Sachs' Exchanges podcast, where UC Berkeley’s Barry Eichengreen warned that stablecoins could replicate the money-market fund panic of 2008.
“When a dollar money market share fell to 97 cents in 2008, chaos broke out, contagion fears spread, and the government stepped in to guarantee funds,” he said.
Former U.S. Comptroller of the Currency Brian Brooks countered on the podcast that the new GENIUS Act, which requires one-to-one Treasury backing, mirrors the national banking reforms that ended America’s “wildcat banking” era.
“Supervision equals safety,” he said. “Every time a new token is issued, another dollar of Treasury securities has to be bought.”
This tug-of-war captures the macro dilemma.
Coinbase’s model shows stablecoins shaving basis points off Treasury yields, Brooks calls it a new engine of global dollar demand, and Eichengreen warns of a 2008-style liquidity crunch. Lin, meanwhile, argues the rails are already there — and the question is whether they unify into a market that steadies the system or fracture into instruments that amplify shocks.
Market Movements
BTC: BTC is currently trading above $111,300. CoinDesk market data shows that the world's largest digital asset is trading within a tight intraday range, which suggests consolidating sentiment. Markets appear cautious amid macro uncertainty, with investors patiently waiting for further momentum or directional cues.
ETH: ETH is tading at $4,320, showing modest upside (+0.6%) intraday, hinting at renewed investor interest following recent gains. The broader crypto recovery, particularly in altcoins, seems to be bolstering demand.
Gold: Gold recently crossed $3,540 an ounce, putting it at a fresh all-time closing high. The rally is being driven by surging expectations for an upcoming Fed rate cut as well as heightened uncertainty over U.S. tariffs and political pressure on the Fed. Investors are flocking to gold as a safe‑haven asset amid these risks.
Nikkei 225: The Nikkei 225 remains steady within its current range, reflecting cautious optimism among investors. The rise follows a broader “ninja stealth rally” in Japanese equities, driven by strong foreign inflows, reforms, and shifting global capital trends toward Japan.