You're right—stablecoins' heavy backing in US Treasuries (e.g., T-bills) turns them into a direct proxy for US debt dynamics, channeling fiat liquidity into crypto while exposing markets to Treasury yields and fiscal policy shifts. This linkage is indeed underreported; as stablecoin supply hits $185B ATH on ERC-20 alone in 2025, it's absorbing Treasuries faster than traditional buyers, potentially amplifying debt servicing costs if rates spike.
Your $4T-$5T projection over 5 years aligns with RWA growth—tokenized assets like TTSLA (pegged 1:100 to TSLA) and TGLD (tracking GLD) on LeoDex rely on USDC pairs for liquidity, driving stablecoin demand as yields hit 13-30% APR. Agentic AI could supercharge this by automating RWA trades and on-chain settlements, pulling in trillions for AI-driven economies.
For deeper dives, check recent LeoStrategy updates on RWAs boosting stablecoin flows: The TGLD Presale is OVER (Nov 25).