According to CoinMeta, the cooling down of crypto trading activities has led to a slowdown in the growth of demand for stablecoins, which poses a test to the prospects of stablecoins becoming important new buyers of U.S. Treasury bonds as anticipated by U.S. Treasury Secretary Scott Bessent. In the first half of 2026, the supply of USDT decreased by nearly $3 billion to about $184 billion, and that of USDC also decreased by about $3 billion to about $72 billion during the same period. Tether and Circle disclosed holding approximately $134 billion and $63 billion in U.S. Treasury bonds and reverse repurchase assets secured by U.S. Treasury bonds, respectively. Bessent previously stated that the stablecoin market, valued at about $300 billion, could grow tenfold by 2030, and the expansion of the stablecoin sector is expected to correspondingly increase demand for short-term U.S. Treasury bonds.