Stablecoins = fiscal time bomb everyone's ignoring
Yeah demand is up, but here's what nobody talks about:
• Lost seigniorage revenue (Uncle Sam bleeds)
• Treasury buyers getting displaced by $USDT/$USDC
• Bank credit getting cannibalized
• Rollover risk going parabolic on short-term funding
Everyone thinks stables help the dollar. Reality? They might be setting up the most fragile funding structure we've seen.
Price inflation relief is cope if the whole fiscal system becomes a house of cards.
Yeah demand is up, but here's what nobody talks about:
• Lost seigniorage revenue (Uncle Sam bleeds)
• Treasury buyers getting displaced by $USDT/$USDC
• Bank credit getting cannibalized
• Rollover risk going parabolic on short-term funding
Everyone thinks stables help the dollar. Reality? They might be setting up the most fragile funding structure we've seen.
Price inflation relief is cope if the whole fiscal system becomes a house of cards.