PANews reports on April 10th that according to OKG Research analysis, as of the latest U.S. Treasury data (April 8th), the Treasury General Account (TGA) balance dropped from $405.786 billion at the beginning of the month to $309.989 billion, releasing a cumulative liquidity of $95.79 billion, which is 3.18 times the pace of the same period in March. This action is viewed by the market as a "hidden fiscal stimulus" that provides short-term support for risk assets. At the on-chain data level, the global stablecoin market has exceeded $235 billion with an 80.7% growth rate since 2024. Stablecoins are more like a "simplified" monetary tool in shadow banking, and when these companies issue additional stablecoins, they are essentially injecting liquidity into the crypto economy.
The "resonance" between fiscal liquidity release and on-chain USD issuance rhythm provides additional liquidity support in a limited liquidity space, driving short-term risk appetite recovery. It is worth noting that from a monetary policy perspective, if the Federal Reserve continues to remain inactive, the space and rhythm of liquidity release from the fiscal side and the liquidity release from crypto on-chain issuance will become important variables for the next round of asset price fluctuations.
