There’s a common intuition in the market: that AI agents’ micro-payments and stablecoins will create massive short-term Treasury demand, thereby neatly resolving the U.S. Treasury crisis. But transaction volume and settlement size are not the same as GDP; protocol churn that goes nowhere cannot reach sovereign balance sheets. For an AI economy to truly improve the trajectory of U.S. Treasuries, the prerequisite is that three conditions are simultaneously met: network connectivity, genuine value creation, and net fiscal capture.

Source: @ChaseWang on X