外资抛售 290 亿短期美债，美国为何押注稳定币「接盘」？
撰文：Andjela Radmilac编译：Saoirse，Foresight News6 月，外国投资者向美国金融市场合计净流入 1335 亿美元，但同期抛售了 290 亿美元短期国库券。两组数据折射出同一个月内两股截然不同的资金流向：大部分流入资金涌向美股市场，但市场对美国政府债务的需求显著走弱。外国买家购入 1814 亿美元美国股票，却仅买入 68 亿美元长期国债；在短期债券端，他们减持了常被用作现金蓄水池的短期国库券。这一资金分化现象，也解释了为何稳定币被纳入美国政府的债务应对策略。Tether、Circle 这类稳定币发行方，会将支撑代币价值的大部分储备资产配置在短期国库券及同类资产上。倘若海外买家持续减持国库券，规模不断壮大的稳定币赛道，或将成为另一股规模可观、潜力可与海外资金比肩的需求力量。6 月的数据显示该行业已经具备足够体量，但近期代币增发规模很小，并不足以解释此次 29
Foreign investors sold $29 billion in short-term Treasuries; why the US is betting on stablecoins to absorb the supply
By Andjela Radmilac; compiled by Saoirse, Foresight News. In June, foreign investors put a net $133.5 billion into US markets but sold $29 billion of Treasury bills, with most inflows going to equities ($181.4 billion into stocks versus just $6.8 billion into long-term Treasuries). That divergence helps explain why stablecoins feature in the government's debt strategy: issuers like Tether and Circle park most reserves in T-bills and similar assets, so a growing stablecoin sector could become a demand force on par with overseas money if foreign buyers keep cutting.