OKG Research： In the first 8 days of April, the US Treasury Department released $95.79 billion in water, and the resonance between fiscal easing and encrypted dollars continues

According to OKG Research analysis, as of the latest data from the US Treasury Department (April 8th), the TGA (Treasury General Account) balance has declined from $405.786 billion at the beginning of the month to $309.989 billion, with a cumulative release of liquidity of $95.79 billion, which is 3.18 times faster than the same period in March. This behavior is seen by the market as a 'hidden version of fiscal easing', providing short-term support for risk assets. At the level of on chain data, since 2024, the global stablecoin market has surpassed $235 billion at a growth rate of 80.7%. Stablecoins are more like a "simplified" currency tool in shadow banking, and when these companies issue stablecoins, they are actually injecting liquidity into the cryptocurrency economy. The resonance between the release of fiscal liquidity and the pace of on chain US dollar issuance provides additional liquidity support in the limited liquidity space, providing impetus for short-term risk appetite repair. It is worth noting that from the perspective of monetary policy, if the Federal Reserve continues to remain inactive, the space and pace for the release of liquidity from the fiscal side, as well as the liquidity release from encrypted issuance on the chain, will become important variables for a new round of asset price fluctuations.