The U.S. Treasury's plan to refill its General Account (TGA) with $500–600 billion over the next two months is set to test one of the most fragile liquidity environments in a decade.
What Happened: According to Marcus Wu, Markets Research at Delphi Digital, the implications extend far beyond traditional finance, with stablecoins now positioned as both the first casualty and the unlikely stabilizer of this liquidity drain.
