Huatai Securities Chief Macroeconomist Yi He suggests that promoting stablecoin issuance and relaxing bank supervision could increase liquidity supply and demand for US debt in the short term. However, this approach may also heighten long-term risks associated with US debt. The proposed "Big and Beautiful" bill is expected to increase the US fiscal deficit by over $4 trillion in the next decade, surpassing previous estimates. Deutsche Bank has indicated that the bill could enhance the role of US dollar stablecoins, intensify domestic financial repression, and pressure the Federal Reserve to lower interest rates, potentially weakening the US dollar.