1/257 0.15-1.59 <font color=red>de</font> 美国欠了很多钱，09-01 20:18:14-09-01 20:18:47<font color=blue>The United States owes a lot of money.</font><br>2/257 1.89-6.45 <font color=red>de</font> 但是他的债务危机最近已经从 i c u 转移到了普通病房，09-01 20:18:15-09-01 20:19:07<font color=blue>However, his debt crisis has recently been transferred from the ICU to a regular ward.</font><br>3/257 6.69-8.31 <font color=red>bg</font> 甚至是快出院了。09-01 20:18:15-09-01 20:18:45<font color=blue>He is even close to being discharged.</font><br>4/257 8.55-9.39 <font color=red>xss</font> 但是对我来说，09-01 20:18:18-09-01 20:19:22<font color=blue>But for me,</font><br>5/257 9.63-12.21 <font color=red>hp</font> 这并非是一件特别值得高兴的事情。09-01 20:18:18-09-01 20:18:21<font color=blue>This is not a particularly happy thing.</font><br>6/257 12.45-14.49 <font color=red>aaa</font> 但是美国确实也厉害，09-01 20:18:19-09-01 20:18:20<font color=blue>However, the United States is also very powerful.</font><br>7/257 14.73-18.93 <font color=red>n</font> 就在全世界都开始担心你欠了那么多的钱以后，09-01 20:18:20-09-01 20:18:22<font color=blue>Just when the whole world was starting to worry about how much money you owed,</font><br>8/257 19.11-21.39 <font color=red>jd</font> 这些美债到底卖给谁的时候，09-01 20:23:21-09-01 20:23:22<font color=blue>Who are these US Treasury bonds sold to?</font><br>9/257 21.75-25.29 <font color=red>aaa</font> 美国又给自己找了一批新的接盘下哦，09-01 20:18:21-09-01 20:18:23<font color=blue>The US has found a new batch of buyers.</font><br>10/257 25.41-26.85 <font color=red>jd</font> 不是新的买家，09-01 20:18:22-09-01 20:18:23<font color=blue>Not a new buyer,</font><br>11/257 27.03-29.61 <font color=red>hp</font> 而且这一次可能是几十亿的人。09-01 20:18:23-09-01 20:18:27<font color=blue>And this time, it could be hundreds of millions of people.</font><br>12/257 30.04-32.08 <font color=red>n</font> 现在我们有请新人出场，09-01 20:18:23-09-01 20:18:26<font color=blue>Now, we have a new guest to introduce.</font><br>13/257 38.14-39.1 <font color=red>n</font> get ready 等等。09-01 20:18:24-09-01 20:18:25<font color=blue>Get ready, please.</font><br>14/257 39.58-41.38 <font color=red>aaa</font> 稳定币不是加密货币吗？09-01 20:18:25-09-01 20:18:26<font color=blue>Are stablecoins not cryptocurrencies?</font><br>15/257 41.74-46.48 <font color=red>jd</font> 买稳定币的人怎么莫名其妙的变成了美债的买家呢？09-01 20:18:25-09-01 20:18:28<font color=blue>How did people who bought stablecoins mysteriously become buyers of US Treasury bonds?</font><br>16/257 46.84-50.86 <font color=red>n</font> 高端的猎手总是这么朴素无华的，09-01 20:18:26-09-01 20:18:29<font color=blue>Sophisticated hunters are always so simple and unassuming.</font><br>17/257 51.28-52.84 <font color=red>n</font> 我先给你讲一个故事。09-01 20:18:27-09-01 20:18:29<font color=blue>I'm going to tell you a story first.</font><br>18/257 53.14-55.12 <font color=red>aaa</font> 有一天我在日本半夜饿了，09-01 20:18:28-09-01 20:18:29<font color=blue>One day, I was hungry in Japan at night.</font><br>19/257 55.24-57.58 <font color=red>hp</font> 我就去楼下的便利店拿了一包泡面，09-01 20:18:28-09-01 20:18:33<font color=blue>I went to the convenience store downstairs and bought a pack of instant noodles.</font><br>20/257 57.94-59.02 <font color=red>jd</font> 正准备付款。09-01 20:18:29-09-01 20:18:30<font color=blue>Just about to pay.</font><br>21/257 59.26-62.8 <font color=red>n</font> 收银员王富贵突然问现金还是 u s d t 呢？09-01 20:18:30-09-01 20:18:33<font color=blue>The cashier, Wang Fugui, suddenly asked whether to use cash or USD.</font><br>22/257 62.92-63.88 <font color=red>aaa</font> 我愣了一下啊，09-01 20:18:30-09-01 20:18:31<font color=blue>I was stunned.</font><br>23/257 64.12-67.54 <font color=red>n</font> 你们便利店还能用 u s d t 王富贵说能啊，09-01 20:18:31-09-01 20:18:34<font color=blue>Can I use USD at your convenience store?</font><br>24/257 68.21-69.17 <font color=red>jd</font> 我就掏出了手机，09-01 20:18:32-09-01 20:18:33<font color=blue>I took out my phone,</font><br>25/257 69.41-71.69 <font color=red>aaa</font> 扫了一下一个 u s d t 过去了，09-01 20:18:32-09-01 20:18:34<font color=blue>I saw a usd t pass by.</font><br>26/257 71.87-72.41 <font color=red>jd</font> 泡面拿走。09-01 20:18:33-09-01 20:18:34<font color=blue>Take the noodles.</font><br>27/257 72.59-75.17 <font color=red>hp</font> 你以为我讲的就是虚拟故事吗？09-01 20:18:34-09-01 20:18:38<font color=blue>Do you think I'm just telling a fictional story?</font><br>28/257 75.53-75.59 <font color=red>n</font> 不，09-01 20:18:35-09-01 20:18:35<font color=blue>No,</font><br>29/257 75.95-77.09 <font color=red>n</font> 二零二六年八月，09-01 20:18:35-09-01 20:18:37<font color=blue>August 2026,</font><br>30/257 77.39-82.25 <font color=red>aaa</font> 日本罗森便利店真的是开始测试用 u s d t 买东西了。09-01 20:18:36-09-01 20:18:39<font color=blue>Japanese Lawson convenience stores are starting to test using USDT (Tether) for purchases.</font><br>31/257 82.43-84.59 <font color=red>jd</font> 日本罗森的官方是有报道的，09-01 20:18:37-09-01 20:18:39<font color=blue>There are reports that the official of Japan Rosen has been reported.</font><br>32/257 84.83-85.67 <font color=red>n</font> 亮出付款码，09-01 20:18:37-09-01 20:18:39<font color=blue>Show the payment code,</font><br>33/257 85.97-87.89 <font color=red>n</font> 收银台一扫支付就完成了。09-01 20:18:38-09-01 20:18:41<font color=blue>Once you scan the payment at the checkout, it's done.</font><br>34/257 88.01-90.83 <font color=red>hp</font> 而这次实验测试的是三种稳定币，09-01 20:18:39-09-01 20:18:42<font color=blue>The experiment this time tested three stablecoins.</font><br>35/257 91.07-92.75 <font color=red>n</font> 分别是日元稳定币、09-01 20:18:39-09-01 20:18:41<font color=blue>are stablecoins,</font><br>36/257 93.11-98.82 <font color=red>aaa</font> j p y c 以及是两个美元的稳定币 u s d c 和 u s d t.09-01 20:18:40-09-01 20:18:43<font color=blue>j p y c and is two stablecoins, usd c and usd t.</font><br>37/257 99.06-103.09 <font color=red>jd</font> 当然你在可能还不能够随便跑进一家日本的罗森，09-01 20:18:41-09-01 20:18:43<font color=blue>Of course, you may not be able to just walk into a Japanese Lawson.</font><br>38/257 103.27-105.25 <font color=red>n</font> 说老板来 u s d t 结账，09-01 20:18:42-09-01 20:18:44<font color=blue>The boss is coming to USDT for payment.</font><br>39/257 105.43-108.61 <font color=red>n</font> 因为他目前只是小范围的做一个实验。09-01 20:18:42-09-01 20:18:45<font color=blue>Because he is currently only doing a small-scale experiment.</font><br>40/257 108.909-112.39 <font color=red>hp</font> 但是这件事情最重要的不是今天能不能用，09-01 20:18:43-09-01 20:18:48<font color=blue>But the most important thing about this matter is not whether it can be used today,</font><br>41/257 112.69-120.0 <font color=red>aaa</font> 而是稳定币已经开始从加密货币的交易所走进了便利店的收银台，09-01 20:18:44-09-01 20:18:47<font color=blue>Instead, stablecoins have begun to enter the checkout counters of convenience stores from cryptocurrency exchanges.</font><br>42/257 120.12-121.2 <font color=red>jd</font> 这意味着什么呢？09-01 20:18:44-09-01 20:18:45<font color=blue>What does this mean?</font><br>43/257 121.64-128.11 <font color=red>n</font> 意味着未来全世界越来越多的普通人都可能开始托举美债了。09-01 20:18:45-09-01 20:18:50<font color=blue>It means that more and more ordinary people around the world may start investing in US Treasury bonds in the future.</font><br>44/257 128.35-128.53 <font color=red>n</font> 注意，09-01 20:18:46-09-01 20:18:47<font color=blue>Please note,</font><br>45/257 128.83-129.79 <font color=red>bg</font> 这里的托举，09-01 20:18:46-09-01 20:19:04<font color=blue>The accusation,</font><br>46/257 130.15-132.67 <font color=red>jd</font> 不是说真的跑过去买美债，09-01 20:18:47-09-01 20:18:50<font color=blue>It's not like I actually went out to buy US Treasury bonds.</font><br>47/257 133.03-133.75 <font color=red>n</font> 什么意思呢？09-01 20:18:48-09-01 20:18:49<font color=blue>What does it mean?</font><br>48/257 133.93-137.89 <font color=red>aaa</font> 一个毛里求斯的年轻人只是去便利店买了一包泡面，09-01 20:18:49-09-01 20:18:51<font color=blue>A young man from Mauritius just went to the convenience store to buy a pack of instant noodles.</font><br>49/257 138.07-142.75 <font color=red>de</font> 但是只要他开始持有和使用美元稳定比这个故事就开始了，09-01 20:18:49-09-01 20:19:29<font color=blue>However, once he started holding and using the dollar, the story began.</font><br>50/257 142.93-143.35 <font color=red>hp</font> 为什么呢？09-01 20:18:50-09-01 20:18:52<font color=blue>Why?</font><br>51/257 143.47-145.87 <font color=red>n</font> 我们还是回到刚才的那个 u s d t,09-01 20:18:51-09-01 20:18:54<font color=blue>Let's go back to the previous u s d t,</font><br>52/257 146.17-147.91 <font color=red>n</font> u s d c 是谁发行的呢？09-01 20:18:51-09-01 20:18:54<font color=blue>Who issued the US dollar, D, and C?</font><br>53/257 148.03-149.65 <font color=red>jd</font> 一家叫做 tender 的公司，09-01 20:18:52-09-01 20:18:53<font color=blue>A company called tender.</font><br>54/257 149.89-153.01 <font color=red>aaa</font> 他告诉你一个 u s d t 大约是值一美元。09-01 20:18:53-09-01 20:18:55<font color=blue>He told you that a USD is worth about one dollar.</font><br>55/257 153.25-156.49 <font color=red>hp</font> 另外一家公司叫做 circle 发行了 u s d c,09-01 20:18:53-09-01 20:18:56<font color=blue>Another company called Circle issued USDC.</font><br>56/257 156.8-158.96 <font color=red>jd</font> 也就是一个 u s d c,09-01 20:18:54-09-01 20:18:55<font color=blue>That's a USD,</font><br>57/257 159.14-159.92 <font color=red>n</font> 大约值一美元。09-01 20:18:55-09-01 20:18:56<font color=blue>Approximately worth one dollar.</font><br>58/257 160.1-161.06 <font color=red>n</font> 那么问题就来了，09-01 20:18:55-09-01 20:18:57<font color=blue>So the question arises,</font><br>59/257 161.3-162.08 <font color=red>aaa</font> 凭什么呢？09-01 20:18:56-09-01 20:18:57<font color=blue>Why?</font><br>60/257 162.26-164.42 <font color=red>jd</font> 我自己发行了一个小狮子币，09-01 20:18:57-09-01 20:18:58<font color=blue>I released a small lion coin myself.</font><br>61/257 164.6-167.9 <font color=red>n</font> 然后告诉大家这个小狮子币也是等于一美元。09-01 20:18:57-09-01 20:19:01<font color=blue>Then tell everyone that this little lion coin is also equal to one US dollar.</font><br>62/257 168.02-168.5 <font color=red>hp</font> 你信吗？09-01 20:18:58-09-01 20:19:00<font color=blue>Do you believe it?</font><br>63/257 168.62-169.52 <font color=red>n</font> 你当然不信了，09-01 20:18:59-09-01 20:19:01<font color=blue>You certainly don't believe it anymore.</font><br>64/257 169.7-173.89 <font color=red>aaa</font> 所以 u s d t 要想让全世界的人都相信它，09-01 20:18:59-09-01 20:19:02<font color=blue>Therefore, in order for u s d t to be believed by everyone around the world,</font><br>65/257 174.13-178.33 <font color=red>jd</font> 值亿美元背后就必须要有真金白银的资产作为支撑的。09-01 20:19:00-09-01 20:19:02<font color=blue>The value of billions of dollars must be supported by real assets.</font><br>66/257 178.51-181.57 <font color=red>hp</font> 比如市场上有一千亿美元的 u s d t,09-01 20:19:01-09-01 20:19:05<font color=blue>For example, there is a market of 1 trillion USD.</font><br>67/257 181.75-185.53 <font color=red>n</font> 那么发行商背后就需要有相应规模的储备资产。09-01 20:19:02-09-01 20:19:05<font color=blue>Therefore, the publisher needs to have a corresponding amount of reserve assets.</font><br>68/257 185.71-187.87 <font color=red>n</font> 那么这些储备来买什么呢？09-01 20:19:02-09-01 20:19:05<font color=blue>So, what should these reserves be used for?</font><br>69/257 188.05-188.95 <font color=red>aaa</font> 股票呢不行，09-01 20:19:03-09-01 20:19:04<font color=blue>Stocks are not working.</font><br>70/257 189.37-190.09 <font color=red>jd</font> 波动太大了，09-01 20:19:04-09-01 20:19:05<font color=blue>Too much fluctuation,</font><br>71/257 190.27-191.11 <font color=red>bg</font> 房子呢也不行，09-01 20:19:04-09-01 20:19:34<font color=blue>The house is not good either.</font><br>72/257 191.29-192.25 <font color=red>aaa</font> 流动性太差了。09-01 20:19:05-09-01 20:19:06<font color=blue>Liquidity is too poor.</font><br>73/257 192.37-193.39 <font color=red>jd</font> 那最好是什么呢？09-01 20:19:06-09-01 20:19:07<font color=blue>What is that?</font><br>74/257 193.63-194.41 <font color=red>hp</font> 要足够安全，09-01 20:19:06-09-01 20:19:09<font color=blue>Must be safe enough,</font><br>75/257 194.65-195.61 <font color=red>n</font> 随时能够卖出，09-01 20:19:07-09-01 20:19:09<font color=blue>Available for sale at any time.</font><br>76/257 196.15-197.77 <font color=red>n</font> 而且还能赚一点利息，09-01 20:19:08-09-01 20:19:10<font color=blue>And you can also earn some interest.</font><br>77/257 198.01-199.87 <font color=red>aaa</font> 答案就呼之欲出了。09-01 20:19:08-09-01 20:19:10<font color=blue>The answer is obvious.</font><br>78/257 200.34-201.9 <font color=red>jd</font> 美国短期国债。09-01 20:19:09-09-01 20:19:11<font color=blue>U.S. short-term Treasury bonds.</font><br>79/257 202.14-205.98 <font color=red>de</font> 所以现在你再回头来看我刚才买的那包泡面，09-01 20:19:10-09-01 20:19:56<font color=blue>So now, when you look back at the instant noodles I bought earlier,</font><br>80/257 206.22-207.0 <font color=red>hp</font> 这是一笔消费。09-01 20:19:10-09-01 20:19:13<font color=blue>This is a transaction.</font><br>81/257 207.36-213.6 <font color=red>n</font> 但是如果越来越多的人开始使用 u s d t us s d c 这样子的美元稳定币，09-01 20:19:11-09-01 20:19:16<font color=blue>However, if more and more people start using USD-backed stablecoins like u s d t us s d c,</font><br>82/257 213.78-216.66 <font color=red>n</font> 那么稳定币的规模就会越来越大。09-01 20:19:12-09-01 20:19:15<font color=blue>Therefore, the size of stablecoins will continue to grow.</font><br>83/257 216.9-218.4 <font color=red>aaa</font> 稳定币的规模越来越大，09-01 20:19:12-09-01 20:19:14<font color=blue>The scale of stablecoins is growing,</font><br>84/257 218.64-222.0 <font color=red>xss</font> 发行商需要管理的储备资产也就会越来越大。09-01 20:24:14-09-01 20:26:56<font color=blue>The more assets a publisher manages, the larger their reserve capital will become.</font><br>85/257 222.12-226.5 <font color=red>jd</font> 而其中相当一部分的资金就可能流进美国短期国债。09-01 20:19:14-09-01 20:19:17<font color=blue>And a significant portion of the funds may flow into U.S. short-term Treasury bonds.</font><br>86/257 226.8-229.86 <font color=red>hp</font> 于是一条以前根本不存在的金融链条。09-01 20:19:14-09-01 20:19:19<font color=blue>Therefore, a financial chain that previously did not exist.</font><br>87/257 230.23-233.77 <font color=red>aaa</font> 就出现了普通消费者美元稳定币稳定币发行商，09-01 20:19:15-09-01 20:19:17<font color=blue>The emergence of a stablecoin issuer for ordinary consumers has occurred.</font><br>88/257 234.01-234.61 <font color=red>n</font> 然后美债，09-01 20:19:16-09-01 20:19:17<font color=blue>Then US Treasury bonds,</font><br>89/257 234.85-236.83 <font color=red>n</font> 然后是美国政府看懂了吗？09-01 20:19:17-09-01 20:19:18<font color=blue>Then, did the US government understand?</font><br>90/257 237.01-240.73 <font color=red>jd</font> 现在美国甚至是不需要说服你去买美债了，09-01 20:19:18-09-01 20:19:20<font color=blue>Now, the United States doesn't even need to persuade you to buy US Treasury bonds.</font><br>91/257 240.85-244.21 <font color=red>n</font> 他只需要让你开始使用美元稳定币。09-01 20:19:18-09-01 20:19:21<font color=blue>He just needs you to start using US dollar stablecoins.</font><br>92/257 244.39-245.05 <font color=red>aaa</font> 你可能会说，09-01 20:19:19-09-01 20:19:20<font color=blue>You might say,</font><br>93/257 245.35-245.59 <font color=red>n</font> 等等，09-01 20:19:20-09-01 20:19:21<font color=blue>And so on,</font><br>94/257 245.83-248.83 <font color=red>hp</font> 这不就是 tenderder 和 circle 自己的生意吗？09-01 20:19:20-09-01 20:19:25<font color=blue>Isn't this just Tenderder and Circle doing their own business?</font><br>95/257 249.01-251.05 <font color=red>aaa</font> 他们只是为了保证能够兑付，09-01 20:19:21-09-01 20:19:23<font color=blue>They were only to ensure that they could be redeemed.</font><br>96/257 251.35-252.91 <font color=red>jd</font> 所以拿去买美国国债。09-01 20:19:22-09-01 20:19:24<font color=blue>So, go buy U.S. Treasury bonds.</font><br>97/257 253.15-254.83 <font color=red>n</font> 这跟美国政府有什么关系呢？09-01 20:19:22-09-01 20:19:25<font color=blue>What does this have to do with the U.S. government?</font><br>98/257 255.07-256.39 <font color=red>n</font> 关系大了去了。09-01 20:19:23-09-01 20:19:25<font color=blue>The relationship has grown and developed.</font><br>99/257 256.57-259.21 <font color=red>xss</font> 因为美国政府后来发现这生意太好了。09-01 20:19:24-09-01 20:21:49<font color=blue>Because the US government later found that this business was too good.</font><br>100/257 259.69-260.53 <font color=red>aaa</font> 二零二五年七月，09-01 20:19:24-09-01 20:19:26<font color=blue>July 2025,</font><br>101/257 260.71-266.42 <font color=red>jd</font> 美国正式通过了一部非常重要的法律 juniious act 天才法案。09-01 20:19:25-09-01 20:19:27<font color=blue>The United States has officially passed a very important law, the Junius Act.</font><br>102/257 266.54-268.52 <font color=red>hp</font> 他干了一件非常关键的事情，09-01 20:19:26-09-01 20:19:28<font color=blue>He did something very important.</font><br>103/257 268.76-274.97 <font color=red>n</font> 第一次在美国联邦层面给支付型稳定币建立了一套完整的监管架构，09-01 20:19:26-09-01 20:19:30<font color=blue>The first comprehensive regulatory framework for payment-stablecoins in the United States has been established.</font><br>104/257 275.15-277.48 <font color=red>n</font> 其中最重要的一条就是稳定币。09-01 20:19:27-09-01 20:19:29<font color=blue>The most important one is stablecoins.</font><br>105/257 277.78-281.5 <font color=red>aaa</font> 发行商必须按照一比一准备储备资产，09-01 20:19:28-09-01 20:19:30<font color=blue>The issuer must prepare reserve assets in a one-to-one ratio.</font><br>106/257 281.68-283.3 <font color=red>jd</font> 逆发行一百美元的稳定币，09-01 20:19:28-09-01 20:19:30<font color=blue>Reverse issuance of one hundred US dollars stablecoin,</font><br>107/257 283.54-286.42 <font color=red>hp</font> 背后就要有相应规模的合格储备资产。09-01 20:19:29-09-01 20:19:32<font color=blue>There should be corresponding qualified reserve assets behind it.</font><br>108/257 286.79-287.09 <font color=red>de</font> 注意了，09-01 20:19:30-09-01 20:19:36<font color=blue>Attention,</font><br>109/257 287.27-292.37 <font color=red>n</font> 美国是没有规定你发行一百美元稳定币就必须给我一百美元的美债。09-01 20:19:31-09-01 20:19:36<font color=blue>The United States does not have a regulation that requires you to issue one hundred US dollars stablecoins if you possess one hundred US dollar bonds.</font><br>110/257 292.61-292.91 <font color=red>aaa</font> 但是，09-01 20:19:31-09-01 20:19:32<font color=blue>However,</font><br>111/257 293.53-295.93 <font color=red>jd</font> 当美国把稳定币纳入监管，09-01 20:19:32-09-01 20:19:33<font color=blue>When the US regulates stablecoins,</font><br>112/257 296.05-297.85 <font color=red>n</font> 又要求他必须持有安全、09-01 20:19:33-09-01 20:19:35<font color=blue>He was also required to have a safe,</font><br>113/257 298.09-299.89 <font color=red>aaa</font> 高流动性的美元资产的时候，09-01 20:19:33-09-01 20:19:35<font color=blue>When the dollar assets have high liquidity,</font><br>114/257 300.31-303.61 <font color=red>hp</font> 美国短期国债自然就是最优解了嘛。09-01 20:19:34-09-01 20:19:40<font color=blue>Since U.S. short-term bonds are the best option, then that's it.</font><br>115/257 303.73-306.67 <font color=red>jd</font> 那这到底是不是美国有意而为之呢？09-01 20:19:35-09-01 20:19:37<font color=blue>So, is this really the result of the US's intentional actions?</font><br>116/257 306.91-308.05 <font color=red>bg</font> 不用我们猜的嘛。09-01 20:19:35-09-01 20:20:02<font color=blue>Let's not guess.</font><br>117/257 308.23-312.91 <font color=red>aaa</font> 美国财政部长贝森特自己说了天才法案签署当天，09-01 20:19:36-09-01 20:19:39<font color=blue>On the day that the "Talent Act" was signed, U.S. Treasury Secretary Bessen said...</font><br>118/257 313.15-314.17 <font color=red>n</font> 他公开表示，09-01 20:19:37-09-01 20:19:38<font color=blue>He publicly stated,</font><br>119/257 314.71-319.51 <font color=red>n</font> 稳定币让全球数十亿人更容易进入美元经济，09-01 20:19:38-09-01 20:19:41<font color=blue>Stablecoins make it easier for billions of people around the world to access the US dollar economy.</font><br>120/257 319.75-322.39 <font color=red>de</font> 同时增加对美国国债的需求。09-01 20:19:38-09-01 20:20:14<font color=blue>Increase demand for U.S. Treasury bonds at the same time.</font><br>121/257 322.75-322.99 <font color=red>jd</font> 然而，09-01 20:19:39-09-01 20:19:40<font color=blue>However,</font><br>122/257 323.48-323.84 <font color=red>n</font> 很遗憾，09-01 20:19:40-09-01 20:19:41<font color=blue>Unfortunately,</font><br>123/257 324.08-327.08 <font color=red>aaa</font> 贝森特的愿望还真的可能实现。09-01 20:19:41-09-01 20:19:42<font color=blue>Besson's wish is really possible.</font><br>124/257 327.38-328.82 <font color=red>hp</font> 截至二零二六年八月，09-01 20:19:41-09-01 20:19:45<font color=blue>As of August 2026,</font><br>125/257 329.06-333.32 <font color=red>jd</font> 全球稳定币的总规模已经是超过了三千亿美元，09-01 20:19:42-09-01 20:19:44<font color=blue>The total market capitalization of stablecoins has already exceeded $3 trillion.</font><br>126/257 333.5-336.92 <font color=red>n</font> 其中 u s d t 一家就超过了一千八百亿美元。09-01 20:19:43-09-01 20:19:47<font color=blue>Among them, the company USDT has exceeded 180 billion USD.</font><br>127/257 337.16-339.38 <font color=red>n</font> u s d c 超过了七百亿美元，09-01 20:19:44-09-01 20:19:47<font color=blue>US dollars exceed 700 billion.</font><br>128/257 339.5-340.22 <font color=red>aaa</font> 更加重要的是，09-01 20:19:45-09-01 20:19:45<font color=blue>More importantly,</font><br>129/257 340.61-345.53 <font color=red>jd</font> 这些钱是真的已经开始大规模的进入美国国债的市场了。09-01 20:19:45-09-01 20:19:48<font color=blue>These funds have really started to enter the US Treasury market on a large scale.</font><br>130/257 345.65-348.11 <font color=red>hp</font> 美国财政部自己的数据已经显示，09-01 20:19:46-09-01 20:19:50<font color=blue>According to data from the U.S. Treasury Department,</font><br>131/257 348.53-350.93 <font color=red>aaa</font> tendera 和 ci 持有的资产当中，09-01 20:19:47-09-01 20:19:49<font color=blue>The assets held by Tendera and CI,</font><br>132/257 351.11-354.41 <font color=red>n</font> 美国短期国债已经是占了相当重要的位置，09-01 20:19:48-09-01 20:19:52<font color=blue>U.S. short-term Treasury bonds have already occupied a significant position,</font><br>133/257 354.78-357.96 <font color=red>n</font> 美国短期国债已经是占到了百分之五十三。09-01 20:19:48-09-01 20:19:52<font color=blue>U.S. short-term Treasury bonds have accounted for 53%.</font><br>134/257 358.2-360.48 <font color=red>jd</font> 仅从二零二二年到二零二五年，09-01 20:19:49-09-01 20:19:52<font color=blue>From 2022 to 2025,</font><br>135/257 360.6-365.52 <font color=red>aaa</font> 两家公司所持有的美国短期国债就增加了大约是七百亿美元。09-01 20:19:50-09-01 20:19:57<font color=blue>The two companies have increased their holdings of U.S. short-term Treasury bonds by approximately $700 million.</font><br>136/257 365.7-367.98 <font color=red>hp</font> 美国财政部甚至是已经开始研究。09-01 20:19:51-09-01 20:19:55<font color=blue>The U.S. Treasury Department has even started to study it.</font><br>137/257 368.34-372.48 <font color=red>n</font> 如果稳定币继续吸引原本不使用美元的海外需求，09-01 20:19:52-09-01 20:19:56<font color=blue>If stablecoins continue to attract demand from overseas that would have otherwise used other currencies,</font><br>138/257 372.81-377.52 <font color=red>jd</font> 它可能进一步成为美国短期国债创新高的买盘。09-01 20:19:53-09-01 20:19:55<font color=blue>It may further become a new high for US short-term treasury bond buying.</font><br>139/257 377.76-381.96 <font color=red>n</font> 那么所以贝森特不是在画饼这条新的输血管，09-01 20:19:54-09-01 20:19:57<font color=blue>So, the new blood vessel isn't just a pipe dream.</font><br>140/257 382.2-383.58 <font color=red>hp</font> 它是已经插上了。09-01 20:19:56-09-01 20:19:58<font color=blue>It's already plugged in.</font><br>141/257 383.7-384.78 <font color=red>jd</font> 你现在应该明白，09-01 20:19:56-09-01 20:19:57<font color=blue>You should now understand,</font><br>142/257 385.14-387.84 <font color=red>n</font> 为什么美国突然这么喜欢稳定币了，09-01 20:19:57-09-01 20:19:59<font color=blue>Why are Americans suddenly so interested in stablecoins?</font><br>143/257 388.33-390.19 <font color=red>de</font> 去年这么大张旗鼓的干，09-01 20:19:58-09-01 20:20:30<font color=blue>Last year, we did it all out in the open.</font><br>144/257 390.37-392.53 <font color=red>n</font> 他看到的根本不是一个加密货币，09-01 20:19:58-09-01 20:20:00<font color=blue>What he saw was not a cryptocurrency,</font><br>145/257 392.71-395.41 <font color=red>jd</font> 他看到的是一个新的美债买家。09-01 20:19:59-09-01 20:20:01<font color=blue>He saw a new buyer of US Treasury bonds.</font><br>146/257 395.59-397.63 <font color=red>aaa</font> 而且这个买家不是一个国家，09-01 20:20:00-09-01 20:20:03<font color=blue>And this buyer is not from one country.</font><br>147/257 397.87-398.89 <font color=red>hp</font> 不是一家央行，09-01 20:20:00-09-01 20:20:03<font color=blue>Not a central bank,</font><br>148/257 399.07-401.05 <font color=red>n</font> 也不是华尔街的抹汁基金。09-01 20:20:01-09-01 20:20:04<font color=blue>Not a hedge fund in Wall Street.</font><br>149/257 401.23-409.63 <font color=red>n</font> 它的末端可能是全世界每一个拿着手机用 u s d t 和 u s d c 买泡面的普通人。09-01 20:20:02-09-01 20:20:07<font color=blue>Its end could be every ordinary person in the world who uses a smartphone to buy noodles with USDT and USDC.</font><br>150/257 409.87-411.91 <font color=red>jd</font> 然后你说我用银行卡啊，09-01 20:20:02-09-01 20:20:04<font color=blue>Then you said I used a bank card,</font><br>151/257 412.09-414.49 <font color=red>bg</font> 我干嘛要用 u s d t 买东西啊，09-01 20:20:03-09-01 20:20:57<font color=blue>Why do I need to use u s d t to buy things?</font><br>152/257 414.61-415.27 <font color=red>hp</font> 也不合法啊。09-01 20:20:04-09-01 20:20:06<font color=blue>It's also illegal.</font><br>153/257 415.69-416.05 <font color=red>aaa</font> 也对，09-01 20:20:04-09-01 20:20:05<font color=blue>Right,</font><br>154/257 416.35-420.86 <font color=red>n</font> 因为我们生活在中国金融基础设施是相对比较完善的地方，09-01 20:20:05-09-01 20:20:09<font color=blue>Because we live in a place where the financial infrastructure is relatively well-developed,</font><br>155/257 421.04-423.62 <font color=red>jd</font> 确实很难理解稳定币它有什么作用？09-01 20:20:06-09-01 20:20:08<font color=blue>It's really hard to understand what the purpose of stablecoins is.</font><br>156/257 423.86-425.0 <font color=red>aaa</font> 支付宝很好用啊，09-01 20:20:06-09-01 20:20:07<font color=blue>Alipay is very useful.</font><br>157/257 425.24-426.68 <font color=red>hp</font> 微信转账也很方便。09-01 20:20:07-09-01 20:20:10<font color=blue>WeChat transfer is also very convenient.</font><br>158/257 426.92-432.32 <font color=red>n</font> 但是全世界并不是每个人都是生活在这样完善的金融系统里边的。09-01 20:20:08-09-01 20:20:11<font color=blue>However, not everyone in the world lives in such a perfect financial system.</font><br>159/257 432.7-434.74 <font color=red>aaa</font> 假设你生活在一个本国货币，09-01 20:20:08-09-01 20:20:10<font color=blue>Imagine you live in a country where the currency is your own,</font><br>160/257 434.98-436.51 <font color=red>jd</font> 一年能够贬值呃，09-01 20:20:09-09-01 20:20:10<font color=blue>One year, it can depreciate,</font><br>161/257 436.69-437.89 <font color=red>n</font> 十几个点的国家，09-01 20:30:13-09-01 20:30:15<font color=blue>A country with more than ten points,</font><br>162/257 438.07-438.79 <font color=red>n</font> 你发了工资，09-01 20:20:10-09-01 20:20:11<font color=blue>You got your salary,</font><br>163/257 438.97-441.19 <font color=red>hp</font> 第一件事情想的可能不是怎么投资，09-01 20:20:11-09-01 20:20:15<font color=blue>The first thing that comes to mind is not how to invest,</font><br>164/257 441.49-444.73 <font color=red>aaa</font> 而是怎么让这些钱继续的不缩水。09-01 20:20:12-09-01 20:20:14<font color=blue>How to make sure these funds don't shrink?</font><br>165/257 445.03-446.65 <font color=red>jd</font> 你当然是想换成美元了。09-01 20:20:12-09-01 20:20:14<font color=blue>Of course, you want to change it to US dollars.</font><br>166/257 446.83-449.95 <font color=red>n</font> 但问题是你未必有美国银行的账户，09-01 20:20:13-09-01 20:20:17<font color=blue>But the problem is that you may not have an account with a US bank.</font><br>167/257 450.25-452.41 <font color=red>n</font> 也未必方便持有美元。09-01 20:20:14-09-01 20:20:17<font color=blue>It may not be convenient to hold US dollars.</font><br>168/257 452.59-458.29 <font color=red>aaa</font> 这个时候一个手机钱包一串地址就可以让你持有美元稳定币，09-01 20:20:15-09-01 20:20:18<font color=blue>At this time, a single string of addresses for a mobile wallet can allow you to hold US dollar stablecoins.</font><br>169/257 458.53-461.0 <font color=red>de</font> 而且币值跟美元一样稳定。09-01 20:20:15-09-01 20:20:58<font color=blue>And the value of the currency is as stable as that of the US dollar.</font><br>170/257 461.179-462.92 <font color=red>jd</font> 那么再比如跨境汇款，09-01 20:20:16-09-01 20:20:17<font color=blue>For example, cross-border remittances.</font><br>171/257 463.04-463.82 <font color=red>hp</font> 你在美国打工，09-01 20:20:17-09-01 20:20:20<font color=blue>You are working in the United States,</font><br>172/257 464.06-468.32 <font color=red>n</font> 想给另外一个国家的家人汇五百美元传统金融体系里，09-01 20:20:17-09-01 20:20:22<font color=blue>How to transfer $500 from one country to another using traditional financial systems?</font><br>173/257 468.44-471.86 <font color=red>n</font> 这笔钱可能要经过银行清算网络中间行，09-01 20:20:18-09-01 20:20:22<font color=blue>This money may go through an intermediary bank in the banking clearing network.</font><br>174/257 472.1-475.16 <font color=red>jd</font> 然后碰上周末还不能够去转账等等。09-01 20:20:19-09-01 20:20:22<font color=blue>Then, I encountered the situation where I couldn't transfer money over the weekend, etc.</font><br>175/257 475.4-479.9 <font color=red>aaa</font> 那么但是稳定币可以在区块链上直接就转过去了。09-01 20:20:19-09-01 20:20:21<font color=blue>However, stablecoins can be directly transferred on the blockchain.</font><br>176/257 480.08-480.98 <font color=red>hp</font> 对很多人来说，09-01 20:20:20-09-01 20:20:22<font color=blue>For many people,</font><br>177/257 481.28-485.78 <font color=red>aaa</font> 他选择 u s d t 不是因为它比银行卡更加高级，09-01 20:20:22-09-01 20:20:25<font color=blue>He chose u s d t not because it was more advanced than credit cards,</font><br>178/257 486.14-491.25 <font color=red>n</font> 而是因为有些地方银行卡根本是没有我们想象当中的那么好用。09-01 20:20:23-09-01 20:20:26<font color=blue>Instead, some places have bank cards that are not as convenient as we imagine.</font><br>179/257 491.55-491.73 <font color=red>n</font> 当然，09-01 20:20:23-09-01 20:20:24<font color=blue>Of course,</font><br>180/257 491.91-494.61 <font color=red>hp</font> 稳定币能够这么快的走向全球，09-01 20:20:24-09-01 20:20:27<font color=blue>Stablecoins can quickly spread globally,</font><br>181/257 495.03-501.03 <font color=red>jd</font> 还有一个不那么体面的原因就是灰色产业也是非常喜欢它的赌博、09-01 20:20:24-09-01 20:20:27<font color=blue>Another less respectable reason is that the gray industry also likes gambling,</font><br>182/257 501.21-501.45 <font color=red>n</font> 诈骗、09-01 20:20:25-09-01 20:20:26<font color=blue>Fraud,</font><br>183/257 501.81-502.59 <font color=red>aaa</font> 地下换汇，09-01 20:20:26-09-01 20:20:27<font color=blue>Underground currency exchange,</font><br>184/257 502.83-503.49 <font color=red>n</font> 然后洗钱、09-01 20:20:27-09-01 20:20:28<font color=blue>Then money laundering,</font><br>185/257 503.79-505.17 <font color=red>n</font> 逃避资本管控等等，09-01 20:20:27-09-01 20:20:29<font color=blue>Avoiding capital controls and other restrictions,</font><br>186/257 505.41-509.04 <font color=red>hp</font> 以及被制裁主体之间的资金往来等等，09-01 20:20:28-09-01 20:20:32<font color=blue>And the flow of funds between sanctioned entities, etc.</font><br>187/257 509.22-511.74 <font color=red>jd</font> 都是有可能借助稳定币去完成的。09-01 20:20:29-09-01 20:20:31<font color=blue>All of them can be completed by using stablecoins.</font><br>188/257 511.86-512.94 <font color=red>aaa</font> 原因也并不复杂，09-01 20:20:29-09-01 20:20:30<font color=blue>The reasons are not complicated.</font><br>189/257 513.18-514.86 <font color=red>n</font> 但因为它可以跨境流通嘛，09-01 20:20:30-09-01 20:20:32<font color=blue>But because it can be traded across borders,</font><br>190/257 515.1-516.54 <font color=red>n</font> 二十四小时可以运转，09-01 20:20:31-09-01 20:20:33<font color=blue>Operate 24 hours a day</font><br>191/257 516.78-519.6 <font color=red>de</font> 也不需要经过传统银行的层层审核。09-01 20:20:31-09-01 20:21:16<font color=blue>It also doesn't require the traditional bank's multi-layered review process.</font><br>192/257 519.9-521.84 <font color=red>aaa</font> 不过这里也不能简单的说，09-01 20:20:32-09-01 20:20:33<font color=blue>However, this cannot be simply said here.</font><br>193/257 522.02-523.16 <font color=red>jd</font> 它是无法追踪的。09-01 20:20:33-09-01 20:20:34<font color=blue>It is untraceable.</font><br>194/257 523.4-527.18 <font color=red>hp</font> 大多数主流稳定币运行在公开的区块链上，09-01 20:20:33-09-01 20:20:37<font color=blue>Most mainstream stablecoins operate on public blockchains,</font><br>195/257 527.48-529.52 <font color=red>n</font> 转账记录是长期可以查的。09-01 20:20:34-09-01 20:20:37<font color=blue>The transaction records can be checked for a long time.</font><br>196/257 529.76-531.92 <font color=red>n</font> tender得 和 circleq 这样的中心化，09-01 20:20:35-09-01 20:20:37<font color=blue>tender and circleq, such as centralized ones.</font><br>197/257 532.28-534.38 <font color=red>aaa</font> 也是可以冻结相关地址的。09-01 20:20:35-09-01 20:20:37<font color=blue>Also, the relevant addresses can be frozen.</font><br>198/257 534.5-536.54 <font color=red>jd</font> 它不是绝对匿名的现金，09-01 20:20:36-09-01 20:20:37<font color=blue>It is not absolute anonymity cash.</font><br>199/257 536.84-539.48 <font color=red>hp</font> 更像是一个绕开传统银行，09-01 20:20:37-09-01 20:20:40<font color=blue>More like bypassing traditional banks,</font><br>200/257 539.66-543.38 <font color=red>n</font> 但是会在链上留下痕计的美元支付网络。09-01 20:20:38-09-01 20:20:40<font color=blue>However, it will leave traces on the blockchain.</font><br>201/257 543.5-544.1 <font color=red>aaa</font> 但是总之，09-01 20:20:39-09-01 20:20:40<font color=blue>However, in general.</font><br>202/257 544.46-547.76 <font color=red>n</font> 稳定币抢的是一个更大的市场储蓄、09-01 20:20:39-09-01 20:20:42<font color=blue>Stablecoins are capturing a larger share of the market's savings.</font><br>203/257 548.18-548.78 <font color=red>jd</font> 跨境汇款、09-01 20:20:40-09-01 20:20:41<font color=blue>Cross-border remittance,</font><br>204/257 548.96-549.44 <font color=red>aaa</font> 国际贸易、09-01 20:20:41-09-01 20:20:41<font color=blue>International trade,</font><br>205/257 549.8-550.65 <font color=red>hp</font> 互联网支支付，09-01 20:20:41-09-01 20:20:43<font color=blue>Internet payment,</font><br>206/257 550.77-554.01 <font color=red>n</font> 以及那些原本很难进入美元金融体系的人。09-01 20:20:42-09-01 20:20:44<font color=blue>And those who were originally difficult to enter the US financial system.</font><br>207/257 554.25-555.93 <font color=red>jd</font> 这个时候你再回头来看，09-01 20:20:43-09-01 20:20:45<font color=blue>At this point, you can look back and see...</font><br>208/257 556.23-557.19 <font color=red>jd</font> 贝森特的那句话，09-01 20:25:48-09-01 20:25:49<font color=blue>Basset's words,</font><br>209/257 557.49-561.21 <font color=red>aaa</font> 让全球数十亿人更容易进入美元经济。09-01 20:20:44-09-01 20:20:47<font color=blue>Make it easier for billions of people around the world to access the US dollar economy.</font><br>210/257 561.39-563.25 <font color=red>n</font> 你就知道他在打什么算盘了，09-01 20:20:45-09-01 20:20:47<font color=blue>You know he's playing a game of strategy,</font><br>211/257 563.37-566.07 <font color=red>hp</font> 这帮疯子简直太疯狂了。09-01 20:20:46-09-01 20:20:48<font color=blue>These guys are absolutely crazy.</font><br>212/257 566.19-566.37 <font color=red>n</font> 不过，09-01 20:20:46-09-01 20:20:47<font color=blue>However,</font><br>213/257 566.55-569.79 <font color=red>jd</font> 稳定币可以给美国国债带来新的买家，09-01 20:20:47-09-01 20:20:49<font color=blue>Stablecoins can bring new buyers to US Treasury bonds.</font><br>214/257 570.03-573.15 <font color=red>aaa</font> 不等于美国的债务问题就已经迎刃而解了。09-01 20:20:48-09-01 20:20:50<font color=blue>The problem of US debt is not solved by simply saying "not equal to".</font><br>215/257 573.33-573.51 <font color=red>n</font> 首先，09-01 20:20:48-09-01 20:20:49<font color=blue>First,</font><br>216/257 573.75-576.81 <font color=red>n</font> 稳定币发行商最喜欢的是短期国债，09-01 20:20:49-09-01 20:20:51<font color=blue>The most preferred short-term government bonds by stablecoin issuers are...</font><br>217/257 576.99-579.75 <font color=red>hp</font> 它需要是随时应付赎回的，09-01 20:20:49-09-01 20:20:53<font color=blue>It needs to be ready at any time for ransom.</font><br>218/257 580.22-584.12 <font color=red>jd</font> 不会大规模的拿着用户的钱去买十年二十年的美债的。09-01 20:20:50-09-01 20:20:54<font color=blue>They won't be holding large amounts of U.S. Treasury bonds for 10 or 20 years.</font><br>219/257 584.3-588.259 <font color=red>n</font> 所以它缓解的主要是美国短期融资的需求问题，09-01 20:20:51-09-01 20:20:56<font color=blue>Therefore, it mainly alleviates the problem of short-term financing needs in the United States.</font><br>220/257 588.56-590.6 <font color=red>aaa</font> 而不是财政赤字的问题。09-01 20:20:51-09-01 20:20:53<font color=blue>Not about the issue of fiscal deficit.</font><br>221/257 590.9-595.61 <font color=red>n</font> 而且如果一个美国人把银行账户里的钱换成了 us s d t,09-01 20:20:52-09-01 20:20:56<font color=blue>And if an American converts money from their bank account into US dollars,</font><br>222/257 596.04-600.84 <font color=red>aaa</font> 这些钱可能只是从银行存款搬到了稳定币的储备。09-01 20:20:54-09-01 20:20:56<font color=blue>These funds may have simply been moved from bank deposits to stablecoin reserves.</font><br>223/257 601.02-601.2 <font color=red>hp</font> 但是，09-01 20:20:54-09-01 20:20:56<font color=blue>However,</font><br>224/257 601.56-605.64 <font color=red>jd</font> 如果一个原本持有比索里拉或者是其他货币的人，09-01 20:20:55-09-01 20:20:57<font color=blue>If a person originally held a Bolivar or other currency,</font><br>225/257 605.76-607.44 <font color=red>n</font> 开始持有 us s d t,09-01 20:20:56-09-01 20:20:57<font color=blue>Start holding US S D T,</font><br>226/257 607.62-608.28 <font color=red>aaa</font> 那就不一样了。09-01 20:20:57-09-01 20:20:58<font color=blue>That's a different story.</font><br>227/257 608.4-609.06 <font color=red>hp</font> 这就意味着，09-01 20:20:58-09-01 20:21:00<font color=blue>This means that,</font><br>228/257 609.38-614.06 <font color=red>n</font> 一笔原本不在美元体系里的钱被吸进了美元体系。09-01 20:20:58-09-01 20:21:01<font color=blue>Money that was originally outside the US dollar system has been absorbed into it.</font><br>229/257 614.3-617.3 <font color=red>bg</font> 而这件事情美国其实已经干了很多年了。09-01 20:20:59-09-01 20:21:52<font color=blue>And this matter has been going on in the United States for many years.</font><br>230/257 617.479-618.32 <font color=red>jd</font> 二战结束之后，09-01 20:21:00-09-01 20:21:01<font color=blue>After World War II,</font><br>231/257 618.62-621.56 <font color=red>n</font> 美国首先把美元和黄金绑在了一起，09-01 20:21:00-09-01 20:21:02<font color=blue>The United States first linked the dollar to gold.</font><br>232/257 622.04-624.32 <font color=red>aaa</font> 一九七一年美元和黄金脱钩。09-01 20:21:01-09-01 20:21:03<font color=blue>In 1971, the US dollar and gold were decoupled.</font><br>233/257 624.44-625.76 <font color=red>de</font> 很多人当时就很担心，09-01 20:21:01-09-01 20:21:46<font color=blue>Many people were very worried at the time,</font><br>234/257 626.06-627.92 <font color=red>hp</font> 没有黄金储备美元怎么办？09-01 20:21:02-09-01 20:21:06<font color=blue>What to do if there is no gold reserve?</font><br>235/257 628.28-632.33 <font color=red>jd</font> 结果美元又找到了一个更大的全球需求石油。09-01 20:21:03-09-01 20:21:05<font color=blue>The result is that the demand for oil in the United States has increased again.</font><br>236/257 632.63-636.35 <font color=red>n</font> 而今天美国可能又找到了一个新的入口。09-01 20:21:03-09-01 20:21:07<font color=blue>And today, the United States may have found a new entry point.</font><br>237/257 636.89-640.67 <font color=red>n</font> 稳定币黄金绑定的是战后国际货币体系，09-01 20:21:04-09-01 20:21:08<font color=blue>Stablecoins are linked to gold in the post-war international monetary system.</font><br>238/257 641.03-643.31 <font color=red>aaa</font> 石油绑定的是全球能源贸易。09-01 20:21:05-09-01 20:21:06<font color=blue>Oil is bound to global energy trade.</font><br>239/257 643.55-646.79 <font color=red>jd</font> 而稳定币想绑的是数字时代，09-01 20:21:06-09-01 20:21:08<font color=blue>And stablecoins are meant to be tied to the digital age.</font><br>240/257 647.15-649.31 <font color=red>hp</font> 无数普通人的钱包啊，09-01 20:21:07-09-01 20:21:10<font color=blue>Countless ordinary people's wallets,</font><br>241/257 649.43-652.19 <font color=red>aaa</font> 一个阿根廷人想躲避比索贬值，09-01 20:21:07-09-01 20:21:09<font color=blue>An Argentine wanted to avoid the devaluation of the peso.</font><br>242/257 652.49-655.01 <font color=red>n</font> 一个土耳其人想保存购买力，09-01 20:21:08-09-01 20:21:11<font color=blue>A Turkish person wants to preserve their purchasing power.</font><br>243/257 655.25-658.07 <font color=red>n</font> 一个非洲的商人想要做跨境的生意，09-01 20:21:09-09-01 20:21:11<font color=blue>An African businessman wants to do cross-border business.</font><br>244/257 658.43-661.61 <font color=red>jd</font> 他们未必会去纽约去开一个美元账户。09-01 20:21:09-09-01 20:21:11<font color=blue>They may not go to New York to open a dollar account.</font><br>245/257 661.79-667.08 <font color=red>de</font> 但是他们可能会打开手机买入 u s d t 或者是 u s d c,09-01 20:26:11-09-01 20:26:31<font color=blue>However, they may open a mobile phone to buy USD or USDC.</font><br>246/257 667.26-672.0 <font color=red>aaa</font> 而它背后的储备又可能进入了美国的短期国债。09-01 20:21:10-09-01 20:21:13<font color=blue>And the reserves behind it may have entered U.S. short-term bonds.</font><br>247/257 672.24-672.3 <font color=red>hp</font> 啊，09-01 20:21:11-09-01 20:21:13<font color=blue>Oh,</font><br>248/257 672.54-677.13 <font color=red>n</font> 所以美国真正看中的不只是三千亿美元稳定币，09-01 20:21:12-09-01 20:21:16<font color=blue>So, what the US really cares about is not just the $3 trillion stablecoins,</font><br>249/257 677.49-679.89 <font color=red>n</font> 现在能够买到多少美债，09-01 20:21:13-09-01 20:21:15<font color=blue>How much US Treasury bonds can be bought now?</font><br>250/257 680.19-688.76 <font color=red>jd</font> 他看中的是未来全世界还有多少非美元的资金会通过稳定币变成新的美元需求。09-01 20:21:13-09-01 20:21:17<font color=blue>What he is focusing on is how much non-USD funds will become new USD demand through stablecoins in the future.</font><br>251/257 689.12-692.29 <font color=red>hp</font> 美元他的确又强大了。09-01 20:21:14-09-01 20:21:16<font color=blue>He is indeed powerful.</font><br>252/257 692.87-695.09 <font color=red>aaa</font> 虽然这件事情我是很不高兴的，09-01 20:21:15-09-01 20:21:16<font color=blue>Although I am not happy about this matter,</font><br>253/257 695.33-698.4 <font color=red>n</font> 但是你也是凭本事吃饭的，09-01 20:21:16-09-01 20:21:19<font color=blue>But you are also earning a living by your own efforts.</font><br>254/257 698.64-699.66 <font color=red>n</font> 且行且看吧。09-01 20:21:16-09-01 20:21:19<font color=blue>Let's continue and see.</font><br>255/257 699.78-699.96 <font color=red>aaa</font> 好了，09-01 20:21:17-09-01 20:21:18<font color=blue>Okay,</font><br>256/257 700.08-700.5 <font color=red>hp</font> 我说完了，09-01 20:21:18-09-01 20:21:20<font color=blue>I'm finished,</font><br>257/257 700.74-701.04 <font color=red>de</font> 再见。09-01 20:21:18-09-01 20:21:32<font color=blue>Goodbye.</font><br>