Today I saw a bold theory, let me briefly summarize it: After Tether obtains US dollars and issues an equivalent amount of USDT, 80% of the main dollar reserves are used to purchase U.S. Treasury bonds... In this process, USDT is created out of thin air, while the dollar has actual purchasing power and becomes an asset; In other words, 1 dollar actually becomes 1 USDT and a Treasury bond equivalent to 1 dollar; Here's the problem: If USDT does not enter the circulation of the U.S. economy and only operates in the cryptocurrency market, then there is no issue with this mechanism... But if USDT enters the U.S. economic circulation, and some Americans can easily use USDT for payments, then it is equivalent to the dollars Tether took from the market returning to the market in the form of USDT; At the same time, 1 dollar is used to purchase Treasury bonds... Do you see the problem? This is equivalent to creating 2 dollars of currency with 1 dollar!!! The same logic is similar to the financial operations of Alipay and Ant Financial back then, with cycles and multiple leverage... Due to the existence of dollar stablecoins, while 1 dollar creates 2 dollars of currency, the additional 1 dollar may again partially become stablecoins, creating more new liquidity... This would lead a stablecoin issuing company to become a small central bank or a mini Federal Reserve... Thinking further, it becomes terrifying. If Trump vigorously promotes the strategy of stablecoins to allow the domestic economy to accept internal stablecoin circulation, then with a few simple steps, a large amount of dollars circulating internally in the U.S. can be turned into stablecoins, while these dollars are used to purchase Treasury bonds, completing ultimate debt transformation! In that case, stablecoins and dollars would become the new mainstream currency, circulating internally in the U.S. without causing inflation, and the dollars in the hands of the American people would truly become Treasury bonds! The U.S. would also become the first country to widely adopt stablecoins globally, which is consistent with Trump's statement of "ensuring blockchain innovation happens in the U.S."... What do you all think of this bold theory? Is this an effective "debt transformation" plan?