According to CoinMeta, investment manager and author of “The Big Print”, Lawrence Lepard, even if the “Digital Assets Market Clarification Act” (CLARITY Act) passes with 60 votes in the Senate, the demand for stablecoins is not sufficient to improve the current situation of the U.S. Treasury market. He pointed out that the current market value of stablecoins is about $255 billion, mainly supported by U.S. Treasuries purchased by Circle and Tether. This is lower than the $263 billion in January, and the U.S. Treasury Department needs to issue more than $8 trillion in debt annually, with stablecoins covering only about 3% of this amount. By 2025, the proportion of U.S. debt held by foreign entities has dropped to 32%, which is lower than the 57% after the financial crisis. Coinbase’s Chief Policy Officer, Faryar Shirzad, stated that dollar-stabilized coins could convert overseas demand for digital dollars into demand for U.S. Treasuries.