In the fiscal year 2025, the interest expenditure of the U.S. federal government for repaying national debt surpasses 1 trillion USD for the first time, exceeding defense spending and Medicare expenditures. Analysts warn that this could trigger a "debt spiral rise." The U.S. Treasury is positioning stablecoins as a strategic tool and has introduced new regulations requiring issuers to hold U.S. Treasury reserves, which may create a large new buyer group for government debt.