OKG Research: US Treasury Released $95.79B in First 8 Days of April, Fiscal Easing and Crypto Dollar Resonance Continues

According to OKG Research analysis, as of the latest US Treasury Department data (April 8), the TGA (Treasury General Account) balance decreased from $405.786B at the beginning of the month to $309.989B, with a cumulative release of $95.79B in liquidity. The rate of liquidity injection is 3.18 times that of the same period in March.

This behavior is seen by the market as a "covert form of fiscal easing," providing short-term support for risk assets.

On the on-chain data front, since 2024, the global stablecoin market has broken through $235B with a growth rate of 80.7%. Stablecoins are more like a "simplified" monetary tool in shadow banking. When these companies issue more stablecoins, they are effectively injecting liquidity into the crypto economy.

The "resonance" between the release of fiscal liquidity and the pace of on-chain dollar issuance provides additional liquidity support in a context of limited liquidity space, providing impetus for a short-term recovery in risk appetite. It is worth noting that, from a monetary policy perspective, if the Federal Reserve continues to hold steady, the space and pace of fiscal liquidity release, as well as the release of crypto-derived liquidity from on-chain issuance, will become important variables in a new round of asset price fluctuations.