There is a lot that is going to happen with USD denominated stablecoins.
In this video I discuss non moeny supply dollars and how stablecoins enhance the USD as a measurement. It is something that, to a degree, the US government is starting to realize, including the new crypto czar.
Here is the link to the article mentioned in the video:
https://crypto.news/stablecoins-can-secure-u-s-dollar-dominance-trumps-crypto-czar/
▶️ 3Speak
Another effect is that the appetite for stablecoins will slowly eat up more market share of t-bills, domestically, as we reach those trillions in market cap. And it would make sense for foreign banks to hold stablecoins rather than t-bills for ease of liquidity. It's easier to acquire USDC, for example, than actual dollars (assuming the high liquidity you suggest). Stablecoins would slowly fill in those spaces where the euro dollar is used, which gets occasionally squeezed for dollar liquidity. Instead of selling treasuries on the open market, they could sell them to Circle for USDC. Or, they can buy OTC with other currencies or cryptos on exchanges. In this regard, it would be healthy to have high market caps for all cryptos so that conversions can be more quickly done rather than having to round up cash.
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