#特朗普允许401(k)投资加密货币#

The asset reserve structure of stablecoins is usually similar to that of money market funds, primarily consisting of cash and high-quality short-term bonds. During the 2008 financial crisis, even the Reserve Primary Fund, which had a size of $63 billion, triggered market panic simply because it held 1.2% of Lehman Brothers' short-term bonds. This event led investors to withdraw $123 billion from money market funds in two weeks, highlighting the similar vulnerabilities of stablecoins and money market funds in the face of a crisis of confidence.

To assess the stability of USDT, two key issues need to be considered: how liquid its asset reserves are, and whether it might face large-scale redemptions similar to those of money market funds in 2008.

From the perspective of asset reserve quality, USDT has been improving its structure. The proportion of commercial paper (CP) has gradually decreased, while the share of U.S. Treasury bills (T-Bill) has continuously increased. According to the latest data, the proportion of CP has fallen to around 13%, while the proportion of T-Bill may have exceeded 60%. In addition, the quality of CP held by USDT is also improving, with over 99% of CP rated at AAA level.

USDT exposure to FUD has increased, data analysis explains why the possibility of a collapse is very small.

In terms of liquidity, USDT has recently undergone a severe test. In just over a month, USDT has completed $17 billion in redemptions, reducing its circulating supply by 20%. Particularly during the most panicked periods in the market, USDT processed $10 billion in redemption requests in just a few days, demonstrating its strong liquidity management capabilities.