Gate Research: In a weaker dollar environment, stablecoins absorb spillover marginal demand.

PANews reported on March 6th that Gate Research recently released a report titled "Can Stablecoins Meet Marginal Dollar Demand in 2026 as the Dollar Weakens?" The report points out that the depreciation of the dollar is the result of a decline in real purchasing power, the gradual strengthening of fiscal dominance, and long-term changes in real interest rates and holding costs. Traditional banking systems, constrained by regulation, capital requirements, and risk weighting, generate spillover demand for dollars, and stablecoins precisely fill this gap.

Due to differences in regulation and business positioning, different stablecoins have varying collateral structures, creating implicit credit tiers within them. The quality and transparency of stablecoin collateral, along with the credibility of the issuer, are becoming core variables determining their price stability, liquidity priority, and long-term funding preferences. Once stablecoins reach a certain scale, they have begun to become a significant structural force influencing short-term US dollar interest rates.

Looking ahead to 2026, stablecoins are more likely to play the role of a "reservoir" and distribution layer for the US dollar. The stable buying of short-term US Treasury bonds by their reserve assets is, in turn, affecting the pricing structure of the US dollar itself.