In 2026, the U.S. national debt will face a wave of $8 trillion in maturities. Many people hear this number and start to worry about a U.S. default or collapse, but there's really no need to.

The U.S. government's approach has always been very clear — it won't actually pay back the debt, but will keep borrowing new money to pay off old debt, effectively rolling over the debt indefinitely. This system has been running smoothly for many years and is well-practiced.

But this time is a bit different. Most of the maturing debt was issued during 2020-2021, when interest rates were extremely low. Now, refinancing requires much higher rates—several times higher than before. What does this mean? The deficit is beginning to soar, the scale of bond issuance will need to increase even more, and the government will need to use larger liquidity injections to suppress actual interest rates. The entire process has turned into a strong action of "using liquidity to counteract rising interest rate pressures."

You may notice that the Federal Reserve has recently adopted a more dovish stance, and the Treasury is also proactively arranging financing channels. All of this is paving the way for that debt tsunami.

Historical patterns are clear: whenever debt monetization accelerates, cash and bondholders experience an invisible dilution of purchasing power, while stocks, physical assets, commodities, and cryptocurrencies become the safe havens that capital seeks.

So the question is right in front of us: when that wave of liquidity in 2026 truly arrives, will you hold cash that is destined to be diluted, or will you allocate assets that can hedge against inflation?

A deeper reflection is: in this round of "liquidity expansion," what kind of crypto assets can truly capture value, rather than just riding the bubble's ups and downs? This is perhaps a question every participant should think through. Some have noticed that certain over-collateralized, transparent reserve, cross-chain verifiable stablecoins could become an interesting value anchor in this context — capable of countering the long-term trend of currency depreciation while keeping risks manageable.