bond

According to The Block, cryptocurrency lending company Ledn has completed a $188 million issuance of Bitcoin-backed securitized bonds. The transaction includes two tranches of bonds, with the investment-grade portion priced 335 basis points above the benchmark rate.The bonds are backed by approximately 4,078.87 Bitcoins, valued at about $357 million at fair value. S&P Global has assigned a BBB- rating to most of the bonds. Ledn primarily offers lending services backed by Bitcoin, having issued billions of dollars in loans since its inception.Previously, stablecoin issuer Tether invested in Ledn last November. This bond issuance was structured by Jefferies Financial Group, which acted as the structuring agent and bookrunner.

According to the Financial Times, Tether net purchased $28.2 billion in U.S. Treasury bonds in 2025, becoming the seventh largest foreign buyer, with its holdings surpassing those of countries like South Korea and Saudi Arabia, alongside Circle. U.S. Treasury Secretary Scott Bessent believes stablecoins are tools for promoting the dollar and absorbing U.S. debt, expecting the industry to grow from its current $300 billion to $3 trillion.Currently, the banking industry and the cryptocurrency sector are competing over stablecoin regulations. JPMorgan CEO Jamie Dimon and Coinbase CEO Brian Armstrong have disagreements on related terms. The banking sector is concerned that allowing third parties to pay interest on stablecoins will lead retail deposits to flow into stablecoins, thereby increasing financial risk. This standoff has caused divisions among Trump supporters, involving conflicts of interest between Wall Street banks and cryptocurrency industry donors.

The UK Treasury has selected HSBC Holdings Plc's blockchain platform Orion for a pilot issuance of the country's digital debt instrument DIGIT. HSBC stated that issuing bonds on the blockchain can improve the structure of the UK debt capital market by accelerating settlement speeds.The UK Treasury plans to issue these digital instruments in a regulated testing environment managed by the Financial Conduct Authority. Previously, HSBC's Orion platform has been used globally to issue over $3.5 billion in digital native bonds, including the European Investment Bank's first digital pound bond and a $1.3 billion equivalent green bond issued by the Hong Kong government.

Tether's U.S. subsidiary CEO and former White House crypto advisor Bo Hines stated that as the demand for USDT and the newly launched stablecoin USAT continues to grow, Tether expects to further increase its holdings of U.S. Treasury bills (T-bills) this year and aims to become one of the top ten U.S. debt buyers globally.Data shows that USDT is currently the largest stablecoin by market capitalization, with a circulation of approximately $185 billion. According to the latest reserve proof, about 83.11% of Tether's reserve assets are allocated to U.S. Treasury bonds, totaling over $122 billion. Hines noted that this scale has placed Tether among the top twenty foreign holders of U.S. Treasury securities, ranking between Germany and Saudi Arabia. Hines also revealed that since its launch in 2014, the number of USDT users has reached approximately 530 million, currently growing at a rate of about 30 million users per quarter.

According to sources with direct knowledge of the situation, the subscription demand for Alphabet's bond issuance has exceeded $100 billion, with the bond issuance scale expected to be around $15 billion. This level of demand is considered one of the hottest cases in the history of corporate bond issuance, demonstrating investors' strong interest in debt assets related to the artificial intelligence boom.Just last week, Oracle raised $25 billion through a bond issuance, with subscription demand reaching a record $129 billion. Alphabet has also designated several banks to prepare for a potential bond issuance denominated in Swiss francs and British pounds, including a rare 100-year bond.

According to Gate market data, U.S. stocks opened with the Dow Jones Industrial Average down 0.14%, the S&P 500 down 0.24%, and the Nasdaq Composite down 0.34%. Google's parent company Alphabet plans to raise approximately $15 billion through a dollar bond issuance, with its stock price down 0.58%. Novo Nordisk rose 4.4%, while Hims & Hers fell 22.6% after Novo Nordisk sued the latter over the Wegovy generic weight loss drug.

According to Jinshi News, GivTrade strategist Hassan Fawaz pointed out in a report that, given the recent signs of cooling in the U.S. job market, any significant deviation of January's non-farm payroll data from expectations could trigger sharp fluctuations in the foreign exchange and bond markets.He stated that if the data is weaker than expected, it may reignite concerns about the momentum of the labor market, strengthening expectations for monetary policy easing later this year, thereby putting pressure on the dollar; if the data is strong, it could challenge the aforementioned expectations, providing support for the dollar and pushing up yields.

According to Jinshi reports, U.S. Treasury Secretary Yellen stated that we still see a large inflow of foreign capital into U.S. Treasury bonds, as well as a massive influx of funds into the U.S. stock market.

According to Gate market data, at the opening of the US stock market, the Dow Jones Industrial Average fell by 0.1%, the S&P 500 index fell by 0.32%, and the Nasdaq Composite Index fell by 0.39%. Oracle (ORCL.N) rose by 3.8%, as the company plans to raise up to $50 billion and initiate a dollar bond issuance. American Rare Earths rose by 7.2%, as reports suggest that Trump plans to establish a $12 billion strategic reserve for critical minerals.

According to Jinshi reports, the Federal Reserve announced to keep interest rates unchanged, with two dissenting votes, and the U.S. Treasury bond market remained stable.

According to Fortune, in the past two weeks, Rick Rieder's odds of becoming the next Federal Reserve Chair on Polymarket have surged to nearly 50%, clearly leading over the second-ranked Kevin Warsh (29%) and the third-ranked Christopher Waller (6%). Rieder's career has been almost entirely on the front lines of the global bond market, working as a trader and asset manager, deeply involved in the market, interpreting and profiting from central bank policy signals. Simply put, no one understands the bond market better than Rick Rieder. And in Trump's policy decision-making, nothing is more important than "whether the bond market is up or down."Currently, Rieder is responsible for BlackRock's global fixed income business, managing up to $2.4 trillion, which accounts for about one-sixth of the $14 trillion in assets under management at the world's largest asset management firm. A former CEO who worked with Rieder described him as "extremely personable" and stated that Rieder "has a very good understanding of how the market operates and is able to maintain independent judgment."If Rieder takes over as Federal Reserve Chair in May, he will face extremely daunting challenges. His stance on the federal funds rate has long been clear and is more aligned with Trump's camp. In an interview with CNBC on January 12, Rieder stated, "The Fed needs to lower rates to 3% (currently 3.50%--3.75%), which I believe is closer to a balanced level." The problem is that the Fed is currently implementing two policies that could potentially raise inflation. In mid-December last year, the central bank reversed its previous quantitative tightening (QT) policy. Additionally, the Fed is also reducing the amount of reserves that banks must hold at the central bank.

BitMEX co-founder Arthur Hayes published an in-depth analysis in his latest article regarding the recent depreciation of the yen and the decline in Japanese government bond prices, which has caused "anomalies" in the global market. He believes this indicates that the Federal Reserve and the Treasury may soon collaborate to directly intervene in the yen and Japanese government bond markets through "money printing" to inject new liquidity into the global fiat currency system.Hayes specifically outlined the possible intervention path: the New York Fed creates dollar reserves and instructs primary dealers like JPMorgan to sell dollars and buy yen in the foreign exchange market to support the exchange rate, and may invest the acquired yen in Japanese government bonds to lower their yields. This operation will lead to an expansion of the "foreign currency-denominated assets" item on the Fed's balance sheet, essentially meaning that the Fed is taking on the interest rate risk of the yen exchange rate and Japanese government bonds through money printing.He analyzed the motives and consequences of this move: aimed at stabilizing the yen and lowering Japanese government bond yields to prevent Japanese investors from massively selling U.S. Treasuries, avoiding uncontrolled increases in U.S. Treasury yields, while enhancing the competitiveness of U.S. exports.This process will increase global dollar liquidity and may simultaneously boost the euro and yuan exchange rates. Hayes pointed out that this "non-QE" style of balance sheet expansion will ultimately provide upward momentum for risk assets, including Bitcoin. In terms of trading strategy, he stated that a rapid strengthening of the yen against the dollar is usually a signal for reducing risk assets. Bitcoin's decline due to the strengthening yen means he will not increase his risk exposure until it is confirmed that the Fed is intervening in the yen and Japanese government bond markets by expanding its balance sheet.He has closed positions in leveraged Bitcoin-related assets such as Strategy and Metaplanet, stating that he will re-enter if his judgment proves correct. In the meantime, his fund Maelstrom continues to increase its holdings in Zcash, while positions in other quality DeFi tokens remain unchanged. He indicated that if the Fed indeed expands its balance sheet to intervene in the currency and bond markets, he will increase his holdings in DeFi assets such as ENA, ETHFI, PENDLE, and LDO.

According to The Block, the Financial Services Agency (FSA) of Japan has opened a public consultation period to solicit opinions on draft rules regarding the types of collateralized bonds for stablecoins, with a deadline of February 27, 2026.This move aims to implement the Payment Services Act of 2025 by defining the "specific trust beneficiary rights" of the issuer's reserves. The Financial Services Agency stated that the finalized standards will specify the asset composition of all regulated, yen-pegged stablecoins issued within that jurisdiction.

Delphi Digital stated that Bitcoin prices are stagnant while gold continues to rise. The reason may lie in Japanese government bonds. Typically, rising yields increase the opportunity cost of holding non-yielding assets, thereby putting pressure on gold. However, when both gold and yields rise in sync, the market is actually pricing in policy pressures and balance sheet vulnerabilities, rather than economic growth. The yield on Japan's 10-year government bonds is currently about 3.65 standard deviations above the long-term average. The Bank of Japan structurally holds long-term bonds and is deeply exposed to Japanese government bonds in terms of both assets and collateral.Gold is absorbing this pressure, while Bitcoin has a negative correlation with Japan's 10-year government bonds, and over the longer term, Bitcoin has been relatively struggling as Japanese yields rise. If the Bank of Japan intervenes to stabilize the government bond market, the risk premium in gold may ease, providing Bitcoin with room for a rebound.

According to Jinshi, U.S. President Trump stated that if Europe sells off U.S. bonds and other assets, it will face massive retaliation.

According to Cointelegraph, F/m Investments, with assets under management of $18 billion, has submitted an application to the U.S. Securities and Exchange Commission (SEC) seeking to record ownership of its flagship product, the F/m US Treasury 3 Month Bill ETF (TBIL), on a licensed blockchain.F/m Investments emphasizes that tokenized shares will retain the same rights, fees, voting rights, and economic terms as existing TBIL shares, only changing the method of ownership record. If approved, TBIL will be able to support both traditional brokerage channels and digital-native platforms.

QCP pointed out in the latest daily market analysis that global market risk appetite has significantly cooled over the past week. The impact of the Japanese bond market, combined with geopolitical tensions, has driven funds towards defensive positions. U.S. stocks briefly fell more than 2%, and the global bond market faced pressure simultaneously.The report states that Japan has become the core of current market anxiety. After a long period of ultra-low interest rates, the yield on Japan's 10-year government bonds rose to about 2.29%, reaching a new high since 1999, exposing severe fiscal vulnerabilities. Japan's government debt has exceeded 240% of GDP, with total debt around 1,342 trillion yen. It is expected that by 2026, debt interest payments will account for about a quarter of fiscal expenditures. The rising yields are triggering widespread doubts about the sustainability of Japan's public finances and are having spillover effects on the global bond market.Meanwhile, U.S.-European relations have once again become tense. The Trump administration announced a 10% tariff on eight European countries opposing U.S. control over Greenland, with plans to increase it to 25% on June 1. The European Union has quickly stated that it will take countermeasures, and the bilateral trade relationship faces further escalation risks. In 2024, the scale of U.S.-European bilateral goods trade is estimated to be around $650 billion to $700 billion, and the impact of escalating conflicts cannot be ignored. The European Parliament is also considering suspending the U.S.-EU trade agreement reached in July this year.Against this backdrop, Bitcoin has continued to face pressure after falling below $90,000. Although it briefly rebounded above $97,000, the momentum has not recovered. QCP noted that BTC currently resembles a high-beta risk asset rather than a safe-haven tool, being highly sensitive to interest rates, geopolitical issues, and cross-market volatility. Until policy signals become clearer, the crypto market may continue to respond passively, with the focus of funds shifting towards capital preservation rather than risk betting.

QCP pointed out in its latest daily market analysis that global market risk appetite has significantly cooled over the past week. The impact of the Japanese bond market, combined with geopolitical tensions, has driven funds towards defensive positions. U.S. stocks briefly fell over 2%, and the global bond market faced pressure simultaneously. The report states that Japan has become the core of current market anxiety. After a long period of ultra-low interest rates, the yield on Japan's 10-year government bonds has risen to about 2.29%, reaching a new high since 1999, exposing severe fiscal vulnerabilities.Japan's government debt has exceeded 240% of GDP, with total debt amounting to approximately 1,342 trillion yen. It is expected that by 2026, debt interest payments will account for about one-quarter of fiscal expenditures. The rising yields are triggering widespread doubts in the market about the sustainability of Japan's public finances, creating spillover effects in the global bond market. Meanwhile, relations between the U.S. and Europe have once again become tense. The Trump administration announced a 10% tariff on eight European countries opposing U.S. control over Greenland, with plans to increase it to 25% on June 1. The European Union has quickly stated that it will take countermeasures, and the bilateral trade relationship faces further escalation risks.In 2024, the bilateral goods trade volume between the U.S. and Europe is expected to be around $650 billion to $700 billion, and the impact of escalating conflicts cannot be ignored. The European Parliament is also considering suspending the U.S.-EU trade agreement reached in July this year. Against this backdrop, Bitcoin has continued to face pressure after falling below $90,000. Although it briefly rebounded above $97,000, the momentum has not recovered. QCP pointed out that BTC currently resembles a high-beta risk asset rather than a safe-haven tool, being highly sensitive to interest rates, geopolitical issues, and cross-market volatility. Until policy signals become clearer, the crypto market may continue to respond passively, with a shift in focus towards capital preservation rather than risk-taking.