According to CoinMeta, as reported by in, investment manager Lawrence Lepard stated that even if Clarity Act receives 60 votes in the Senate, the demand for stablecoins is not sufficient to improve the current situation of the U.S. Treasury market. Currently, the market value of stablecoins is about $255 billion, which is lower than the $263 billion in January. The U.S. Treasury Department needs to issue over $8 trillion in debt annually, and stablecoins only cover 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-pegged stablecoins could convert overseas demand for digital dollars into demand for U.S. Treasury bonds.