According to CoinMeta, billionaire investor Ray Dalio warns that as the yield on 10-year Treasury bonds reaches its highest level since 2002, the U.S. Treasury market is facing the risk of declining demand from China and Japan. Dalio stated that about one-third of the U.S. debt depends on foreign capital, mainly from Japan and China. Since the beginning of this year, China and Japan have collectively reduced their holdings of U.S. Treasuries by $198.7 billion. As of July, Japan held $1.1039 trillion in U.S. Treasuries, while China held $618 billion. Dalio also reiterated that the United States could face a debt crisis within three years. Global bond sales have pushed up government borrowing costs, with the yield on 10-year U.S. Treasuries hovering at 5.3%.