Stablecoin Reserve Assets: Increased Inclusion of Government Bonds

WTI futures recently closed at $93, marking a three-month high since June. This is attributed to the aftermath of the Iranian oil tanker attack and escalating Iran-US tensions, raising concerns about increasing US inflationary pressure.

The rekindled fear of a US interest rate hike also played a significant role. However, reports of minimal damage to US forces after Iran's counterattack led to some market calming and signs of a rebound.

Attention is high in the US Senate regarding the scheduled Klobučar vote next Wednesday. Particularly among Republican senators, there is a strong possibility that the Klobučar bill could be rejected if there is no response from the White House regarding the bipartisan agreement. Therefore, it is important to watch for the White House's stance later this week or over the weekend, and it is known that behind-the-scenes negotiations are ongoing within the industry.

This announcement was delayed until Tuesday night due to the US Labor Day holiday. As Chairman Michael Saylor made no specific comments on this purchase, the market had anticipated no Bitcoin trading, which was confirmed to be the case.

This marks a recovery after the issue of selling 32 Bitcoins last June, with $2 remaining until its par value of $100 per share.

STIC preferred stock repurchases occur on the 15th and 30th of each month. The September 15th repurchase coincides with the FOMC meeting, which is expected to cause market volatility. Since the FOMC meeting runs from September 15th to 17th, the market could experience significant fluctuations during that period. However, a recovery is anticipated by the end of September after the FOMC.

MicroStrategy appears to be focusing on defending the price of its preferred stock (STC) for the time being. It not only announced the repurchase of STC preferred stock but also doubled its securities repurchase limit. This strategy suggests that the company will be cautious about additional Bitcoin purchases until the preferred stock price reaches $100, and will flexibly manage capital according to market conditions.

According to Bloomberg analysis, the Bank of Japan's holdings of Japanese government bonds (JGBs) are decreasing at a record pace. This, coupled with the upcoming US Treasury auction and long-term bond buyback scheduled for September 9, could exert upward pressure on US Treasury yields. A decrease in demand for government bonds can lead to higher yields and increase concerns about the unwinding of the yen carry trade.

This coin plans to airdrop 20% to investors who incurred losses in Donald Trump's memecoin (TRUMP), lock up 30% for founders, and burn the remaining 30%.

The market is reacting negatively to Hunter Biden's memecoin issuance. As Hunter Biden is known in the US for numerous controversies including drugs and affairs, questions are being raised about the sincerity of his memecoin issuance intentions. Furthermore, public sentiment against politician-related coins has spread since the crash of the Trump memecoin, and transparency issues, such as the allocation of 30% of tokens to founders, are also under suspicion.

This is analyzed as a reflection of Hunter Biden's credibility issues and the market's negative perception of politician-related coins.

This was made possible by the amendment of the Payment Services Act in June 2025, which established the legal basis for including short-term government bonds.

In South Korea, Phase 1 of the Digital Asset User Protection Act has passed, but specific regulations for stablecoins are still lacking. While Phase 2 of the bill is supposed to address this, it has not yet passed, and implementation is expected to take at least two more years, which will likely hinder the management of stablecoin reserve assets.

US short-term government bonds constitute the largest portion of reserve assets for major issuers like Tether and Circle. With the implementation of the GENIUS Act, a federal regulatory framework for stablecoin's inclusion of short-term government bonds will be established. This is expected to be a significant turning point, shifting from state-level regulations to a unified federal framework.

Recently, Visa and Mastercard have increasingly used stablecoins to fund payment settlements. Visa's settlement amount has increased 15-fold year-on-year, and the total stablecoin settlement amount has exceeded $20 billion. This demonstrates that stablecoins are contributing to enhancing the efficiency of payment within the existing financial system.

Card operators' settlement structure involves settling funds before receiving user payments. To reduce these settlement costs, an on-chain lending market is being formed in collaboration with Credit Ku. This system is expected to reduce funding costs by up to 30% compared to traditional methods, enabling more efficient capital management.

The court dismissed the claim, not recognizing the specificity of the assets, and ruled it as an atypical contract similar to commingled deposits. This case illustrates the legal risks that can arise when using staking services.

This problem arises because the legal nature of digital assets is not clearly defined. Without a clear legal definition, digital assets may be considered part of a bankruptcy estate and not returned to investors. This indicates that digital asset investors face significant risks in protecting their assets during bankruptcy, highlighting the urgent need for relevant legal protection mechanisms.