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2026-10-03：Liquidity Divergence: Stablecoins Anchor U.S. Debt as Layer-2 Economics Collapse
Why is Bitcoin surging past 86,400 dollars while crude oil shatters 100 dollars and Treasury yields push to painful multi-year highs? The answer lies in a startling geopolitical reality: stablecoins have quietly replaced forty percent of China's lost demand for U.S. sovereign debt, transforming digital dollars into Washington's most vital fiscal lifeline. But beneath this sovereign-scale bid, an internal economic catastrophe is unfolding. A once-celebrated Ethereum Layer-2 powerhouse has collapsed by ninety-eight percent, exposing the fatal flaw of rollup economics, while dormant ICO whales…
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