[U.S. Treasury Report Says Blockchain Technology Will Enhance Financial Market Infrastructure] The U.S. Treasury Department's Fourth Quarter Report For 2024 Said That Blockchain Technology Is Expected To Create "new Financial Market Infrastructure" And Improve Operational And Economic Efficiency. The Report Pointed Out That To Achieve These Advantages, The Legal And Regulatory Environment Needs To Evolve With The Progress Of Asset Tokenization. On October 29, The U.S. Treasury Borrowing Advisory Committee Discussed The Benefits Of Stablecoin Adoption And Treasury Tokenization. The Report Said That Tokenization Can Improve The Liquidity Of Treasury Transactions By Reducing Operational And Settlement Frictions. Distributed Ledger Technology (DLT) And Smart Contracts Are Particularly Conducive To Improving Transparency And Real-time Transaction Insights. The Committee Noted That Stablecoins Appear To Have Increased Demand For Short-term U.S. Treasury Bonds (T-Bills). The Growth Of Digital Assets Has Created Marginal Incremental Demand For Short-term Treasuries, Mainly Through The Use And Popularity Of Stablecoins. A Committee Member Suggested That The United States Create A Licensed Blockchain To Tokenize Short-term Treasury Bonds, Emphasizing That It Should Be Led By A Trusted Central Authority And Widely Supported By The Private Sector. Stablecoins, As Tokens Pegged To The U.S. Dollar Or Other Fiat Currencies, Are Becoming The Core Infrastructure For Transactions And Payments. In 2024, The Total Stablecoin Market Capitalization Hit A New High, Approaching $18 Billion. Tether (USDT) Dominates The Stablecoin Market With A Market Capitalization Of $120 Billion. Circle's USD Coin (USDC) Ranks Second With A Market Capitalization Of Approximately $35 Billion. At The Same Time, Tokenized Real-world Assets (RWA) Represent A Global $30 Trillion Market Opportunity