Odaily News Arthur Hayes, co-founder of BitMEX, recently wrote that the U.S. Treasury Department's support for the issuance of stablecoins by large banks in TBTF is one of its key policies to cope with huge fiscal deficits and national debt pressures. He believes that this will release up to $6.8 trillion in purchasing power for short-term Treasury bonds (T-bills) and drive financial markets up. At the same time, if the Federal Reserve stops paying interest on bank reserves (IORB), it will also release an additional $3.3 trillion in funds into the Treasury market. Arthur Hayes said that although this policy combination is not quantitative easing (QE) in the traditional sense, it will have the same upward momentum for fixed supply assets such as Bitcoin. He predicts that after the passage of Trump's spending bill and the increase in the debt ceiling, the U.S. Treasury will issue bonds to supplement the Treasury Account (TGA), which may suppress market liquidity in the short term, and Bitcoin may consolidate around $100,000, with a pullback low of $90,000 to $95,000. But after liquidity is restored in early September, a new round of increases will begin. Arthur Hayes concluded that the real stablecoin narrative lies not in FinTech companies, but in the "financial weaponization innovation" of TBTF banks using stablecoins to reconstruct compliance, costs, and the purchasing power of government bonds. He advised investors to "go long on Bitcoin and JPMorgan Chase" and embrace this new liquidity cycle led by the Treasury Department.