Gate Research: In a weaker dollar environment, stablecoins absorb spillover marginal demand.

CoinFeed reported on March 6th that Gate Research recently released a report titled "Can Stablecoins Meet Marginal Dollar Demand in a Weaker Dollar in 2026?" The report points out that the depreciation of the dollar is the result of a decline in real purchasing power, the gradual strengthening of fiscal dominance, and long-term changes in real interest rates and holding costs. Traditional banking systems, constrained by regulation, capital requirements, and risk weighting, generate spillover demand for dollars, which stablecoins precisely fill in this gap. Differences in regulation and business positioning lead to variations in the collateral structure of different stablecoins, while also creating implicit credit tiers within them. The quality and transparency of stablecoin collateral, along with the credibility of the issuer, are becoming core variables determining their price stability, liquidity priority, and long-term funding preferences. Once stablecoins reach a certain scale, they have begun to become an important structural force influencing short-term dollar interest rates.