Original Author: Arthur Hayes, Founder of BitMEX
Original Compilation: BitpushNews
Statement: This article is a reprint, and the Wu Shuo team has made some modifications. If the author has any objections to the reprint format, please contact us, and we will make changes as per the author's request. The reprint is for information sharing only and does not constitute any investment advice, nor does it represent the views and positions of Wu Shuo.
U.S. Treasury Secretary Scott Bessenet should have a new nickname. I once gave him one, calling him "BBC." While his radical maneuvers are reshaping the global financial system, this title still fails to fully encapsulate the impact he brings. I believe a more fitting title is needed to describe the shockwaves he will create in two key areas: the Eurodollar banking system and foreign central banks.
Like the serial killer in the movie "The Silence of the Lambs" — a classic worth watching by any novice late at night — Scott "Buffalo Bill" Bessenet is preparing to reshape the Eurodollar banking system and take control of foreign non-dollar deposits. In ancient Rome, slaves and elite legions maintained the "Pax Romana"; in modern times, the dollar's hegemony upholds the "Pax Americana." The "enslavement" in Pax Americana does not only refer to the African slaves transported to the Americas in history; today, it takes the form of monthly debt repayments — generations of young people voluntarily taking on heavy debts just to obtain degrees of no real value, hoping to land jobs at top institutions like Goldman Sachs, Sullivan & Cromwell, or McKinsey. This form of control is broader, more covert, and effective. Unfortunately, with the development of artificial intelligence, these heavily indebted individuals may face unemployment risks.
This article will discuss the dollar's control over global reserve currencies under "Pax Americana." Successive U.S. Treasury Secretaries have had varying degrees of effectiveness in wielding the dollar as a financial scepter. The most notable failure has been the inability to prevent the formation of the Eurodollar system.
The Eurodollar system emerged in the 1950s and 1960s, originally intended to circumvent U.S. capital controls (such as the Q Regulations), evade economic sanctions (the Soviet Union needed a channel to store dollars), and provide banking services for handling non-U.S. trade flows during the post-World War II economic recovery. At that time, monetary authorities could have recognized the demand for dollars from foreign entities and allowed major domestic financial institutions to take on this business, but domestic political and economic considerations forced them to take a hardline stance. As a result, the Eurodollar system expanded over the following decades, developing into a financial force that cannot be ignored. It is estimated that the Eurodollar deposits circulating in foreign non-U.S. bank branches range between $10 trillion and $13 trillion. The flow of this capital has triggered multiple financial crises post-war, each requiring money printing to bail out the system. A paper published by the Atlanta Fed in August 2024 titled "Offshore Dollars and U.S. Policy" analyzed this phenomenon.
For "Buffalo Bill" Bessenet, there are two main issues with the Eurodollar system. First, he knows almost nothing about the scale of Eurodollars and how these funds are used. Second, and more critically, these Eurodollar deposits are not being used to purchase the low-quality U.S. Treasury bonds he holds. So, does Bessenet have a way to address both issues simultaneously? Before answering that, let’s briefly review the foreign exchange holdings of non-U.S. retail depositors.
De-dollarization is indeed occurring. It significantly accelerated in 2008 when U.S. financial leaders chose to rescue banks and financial institutions facing collapse due to erroneous bets with unlimited quantitative easing (QE Infinity), rather than allowing them to fail naturally. An effective indicator of how global central banks reacted to holding trillions of dollars in dollar-denominated assets is the proportion of gold in their foreign exchange reserves. The higher the proportion of gold in reserves, the lower the trust in the U.S. government.
As can be observed, since the 2008 financial crisis, the proportion of gold in central bank reserves has bottomed out and begun a long-term upward trend.
This is the TLT U.S. ETF, which tracks U.S. Treasury bonds with maturities of 20 years or more and divides its price by the price of gold. I have indexed it to 100 starting from 2009. Since 2009, the relative value of U.S. Treasury bonds compared to gold has dropped by nearly 80%. The U.S. government's monetary policy is to rescue its banking system while sacrificing domestic and foreign creditors. It’s no wonder foreign central banks have started hoarding gold like Scrooge in "DuckTales." Former President Trump also intended to adopt a similar strategy, but in addition to targeting bondholders, he believed he could tax foreign capital and trade flows through tariffs to "Make America Great Again."
Bessenet actually finds it difficult to persuade foreign central bank reserve managers to buy more Treasury bonds. However, there exists a large group of underbanked individuals in the Global South who are eager to have a positive-yielding dollar account. As you know, all fiat currencies are trash compared to Bitcoin and gold. But within the fiat currency system, the dollar remains the best choice. Domestic regulators, who dominate most of the global population, force their citizens to hold high-inflation inferior currencies while restricting their access to the dollar financial system. These individuals would buy the Treasury bonds offered by Bessenet just to escape their poor domestic bond markets. So, does Bessenet have a way to provide banking services to these people?
I first went to Argentina in 2018 and have returned almost every year since. This chart shows the ARS/USD index since September 2018 (indexed to 100). Over seven years, the Argentine peso has depreciated by 97% against the dollar. Now when I go there, most of the time I ski, and I pay all service staff in USDT.
"Buffalo Bill" Bessenet has found a new tool to solve his problems — dollar-pegged stablecoins. The U.S. Treasury is now promoting the development of these stablecoins, and the Empire will support specific issuers to help them consolidate Eurodollar systems and retail deposits from the Global South. To understand this, I will first briefly introduce the structure of "acceptable" dollar-pegged stablecoins, then discuss their impact on the traditional banking system. Finally, and of most concern to the crypto community, I will explain why the global promotion of dollar-pegged stablecoins supported by Pax Americana will drive long-term growth in decentralized finance (DeFi) applications.
What are "acceptable" stablecoins?
Dollar-pegged stablecoins are similar to narrow banks. Issuers accept dollars and invest these dollars in risk-free bonds. In nominal dollar terms, the only risk-free bond is U.S. Treasury bonds. Specifically, since stablecoin issuers must be able to provide physical dollars when holders redeem, they will only invest in short-term Treasury bills (T-bills), which are bonds with maturities of less than one year. With almost no duration risk, their trading behavior is almost equivalent to cash.
Taking Tether USD (USDT) as an example:
Authorized Participants (AP) wire dollars into Tether's bank account.
Tether creates 1 USDT for every dollar deposited.
To generate yield on these dollars, Tether purchases Treasury bills (T-bills).
For example: If an AP wires in $1,000,000, they will receive 1,000,000 USDT. Tether uses this $1,000,000 to buy an equivalent amount of T-bills. USDT itself does not pay interest, but these T-bills effectively pay the Federal Reserve's fund rate, currently around 4.25% to 4.50%. Therefore, Tether earns a net interest margin (NIM) of 4.25% to 4.50%.
To attract more deposits, Tether or related financial institutions (like crypto exchanges) will pay a portion of the NIM to users willing to stake USDT. Staking means locking USDT for a period in exchange for interest income.
The redemption process for stablecoins is as follows:
Authorized Participants (AP) send USDT to Tether's crypto wallet.
Tether sells the corresponding T-bills for the dollar amount corresponding to the USDT.
Tether wires $1 for each USDT to the AP's bank account.
Tether destroys the corresponding USDT, removing it from circulation.
Tether's business model is very simple: accept dollars, issue digital tokens on a public blockchain, invest dollars in T-bills, and earn a net interest margin (NIM).
Bessenet will ensure that the stablecoin issuers supported by the Empire can only deposit dollars in chartered U.S. banks or invest in Treasury bonds. There will be no "flashy" operations.
Impact of the Eurodollar System
Before the emergence of stablecoins, the U.S. Federal Reserve and Treasury would always step in to rescue Eurodollar banking institutions when issues arose. A well-functioning Eurodollar market is crucial for the overall health of the Empire. However, now Bessenet has a new tool to absorb these funds. On a macro level, he must provide reasonable incentives for Eurodollar deposits to go on-chain.
For example, during the 2008 global financial crisis, the Federal Reserve secretly provided billions of dollars in loans to foreign banks that were short on dollars due to the collapse of subprime mortgages and related derivatives. As a result, Eurodollar depositors generally believe that the U.S. government implicitly guarantees their funds, even though technically they are outside the U.S. regulatory system. If it were announced that non-U.S. bank branches would not receive assistance from the Federal Reserve or Treasury in future financial crises, Eurodollar deposits would be directed into the arms of stablecoin issuers. If you think this is an exaggeration, a strategist at Deutsche Bank publicly questioned whether the U.S. would use dollar swap tools to force Europe to comply with the demands of the Trump administration. It is certain that Trump would very much like to weaken the Eurodollar market by effectively "de-banking" it — these institutions had "de-banked" his family business after his first term, and now is the time for revenge. The consequences of karma are indeed brutal.
Without guarantees, Eurodollar depositors will, in their own interest, transfer funds into dollar-pegged stablecoins like USDT. Tether's assets exist entirely in the form of U.S. bank deposits or Treasury bonds (T-bills). Legally, the U.S. government guarantees all deposits at eight "too big to fail" (TBTF) banks; after the regional banking crisis in 2023, the Federal Reserve and Treasury effectively guaranteed all deposits at U.S. banks or branches. The default risk of T-bills is almost zero because the U.S. government will never voluntarily go bankrupt — it can always print dollars to repay bondholders. Therefore, stablecoin deposits are risk-free in nominal dollars, while Eurodollar deposits are no longer so.
Soon, dollar-pegged stablecoin issuers will see an influx of $10 trillion to $13 trillion in funds, which will subsequently be used to purchase T-bills. Stablecoin issuers will become large, price-insensitive buyers of the Treasury bonds issued by Bessenet!
Even if Federal Reserve Chairman Powell continues to obstruct Trump's monetary agenda, unwilling to lower the federal funds rate, end the balance sheet reduction, or restart quantitative easing, Bessenet can still offer T-bills at rates below the federal funds rate. He can do this because stablecoin issuers must purchase his products at the given rates to make a profit. In just a few steps, Bessenet has taken control of the front end of the yield curve. The continued existence of the Federal Reserve has become meaningless. Perhaps a statue of Bessenet will stand in some square in Washington, styled after Cellini's "Perseus with the Head of Medusa," named "Bessenet and the Head of the Jekyll Island Monster."
Impact on the Global South
American social media companies will become a Trojan horse, undermining foreign central banks' ability to control the currency supply for their ordinary citizens. In the Global South, the penetration of Western social media platforms (Facebook, Instagram, WhatsApp, and X) is nearly universal.
I have lived in the Asia-Pacific region for half my life. There, converting depositors' local currency into dollars or dollar-equivalent assets (like the Hong Kong dollar) to earn dollar yields and invest in U.S. stocks is a significant part of the investment banking business in the region.
Local currency regulators implement a "whack-a-mole" style of regulation against traditional financial institutions (TradFi) to block capital outflows. Governments need to control the funds of ordinary citizens and, to some extent, wealthy individuals with non-political connections to absorb funds through inflation taxes, support underperforming state-owned enterprises, and provide low-interest loans to heavy industries. Even if Bessenet wanted to use large U.S. financial center banks as a point of entry to provide banking services to those in urgent need of funds, local regulations have prohibited this approach. However, there is another, more effective way to reach these funds.
Almost everyone is using Western social media companies. What if WhatsApp launched a cryptocurrency wallet for every user? Within the app, users could seamlessly send and receive approved dollar-pegged stablecoins (like USDT). What would happen if this WhatsApp stablecoin wallet could also transfer to any wallet on different public chains?
Let’s illustrate with a fictional case of how WhatsApp could provide digital dollar accounts for billions of users in the Global South:
Fernando is a Filipino who runs a click farm in the countryside, creating fake followers and views for social media influencers. Since his clients are all outside the Philippines, receiving payments is both difficult and expensive. WhatsApp has become his primary payment tool because it provides a wallet for sending and receiving USDT. His clients also use WhatsApp and are willing to stop using the inefficient banking system. Both parties are satisfied, but this effectively bypasses the local Philippine banking system.
After a while, the Central Bank of the Philippines notices a significant outflow of bank funds. They realize that WhatsApp has widely promoted dollar-pegged stablecoins domestically, and the central bank has effectively lost control over the money supply. However, they are almost powerless. The most effective way to stop Filipinos from using WhatsApp would be to cut off the internet. Even attempts to pressure local Facebook executives would be futile. Mark Zuckerberg rules Meta from his sanctuary in Hawaii and has received approval from the Trump administration to promote stablecoin features globally for Meta users. Any legal restrictions on U.S. tech companies' internet operations would provoke threats of increased tariffs from the Trump administration. Trump has explicitly threatened the EU with higher tariffs if it does not repeal "discriminatory" internet legislation.
Even if the Philippine government removes WhatsApp from the Android and iOS app stores, determined users can easily bypass the blockade using a VPN. Of course, any friction will affect usage, but social media is essentially an addictive substance for the masses. After more than a decade of continuous dopamine stimulation, ordinary people will find any way to continue using the platform.
Ultimately, Bessenet can leverage sanctions as a tool. Asian elites store their wealth in overseas dollar banking centers and naturally do not want their wealth to depreciate due to domestic monetary policy. Do as I say, not as I do. Suppose Philippine President Bongbong Marcos threatens Meta; Bessenet could immediately retaliate by sanctioning him and his associates, freezing their billions in overseas wealth unless they yield and allow stablecoins to spread in their country. His mother, Imelda, knows well how long the arm of U.S. law can be, as she and her late dictator husband Ferdinand Marcos faced RICO charges for misappropriating Philippine government funds to purchase real estate in New York. It is certain that Bongbong Marcos does not want to go through another round of turmoil.
If my argument is correct, that stablecoins are the core tool of Pax Americana (U.S. hegemonic monetary policy) to expand the use of the dollar, then the Empire will protect American tech giants from local regulatory retaliation while providing banking services in dollars to ordinary citizens. And these governments will be almost powerless to stop it.
Assuming my judgment is valid, how large is the total addressable market (TAM) for potential stablecoin deposits from the Global South? The most advanced group of countries in the Global South is the BRICS nations. Excluding China, as it has banned Western social media companies. The question is, how much is the scale of local currency bank deposits? I consulted Perplexity, which provided an answer of $4 trillion. I know this may be controversial, but I think it is reasonable to include the "Euro-poor zone" countries that use the euro. The euro is on the verge of collapse under Germany-first and France-first economic policies, and the Eurozone will eventually be split. With future capital controls, by the end of this century, the only practical use of the euro may be to pay for Berghain's entrance fee and Shellona's minimum consumption.
Adding the $16.74 trillion in European bank deposits to the calculation brings the total close to about $34 trillion, indicating an extremely large potential market for stablecoin deposits.
Go Big or Get Taken Down by the Democrats
Buffalo Bill Bessenet faces a choice: either go big or let the Democrats win. Does he want the red team to win in the 2026 midterm elections and, more importantly, in the 2028 presidential election? I believe he does, and the only way to achieve this goal is to support Trump in providing ordinary citizens with more benefits than Mamdanis and AOCs. Therefore, Bessenet needs to find a buyer for Treasury bonds who does not care about price. Clearly, he sees stablecoins as part of the solution, as evidenced by his public support for this technology. But he must go all in.
If the Global South, the Euro-poor zone, and European Eurodollars do not flow into stablecoins, he must use his "heavy-handed tactics" to force the funds in. This means either flowing into dollars as required or facing sanctions again.
● The purchasing power of Treasury bonds generated by dismantling the Eurodollar system: $10–13 trillion.
● The purchasing power of retail deposits in the Global South and Euro-poor zone: $21 trillion.
● Totaling approximately $34 trillion.
Clearly, not all funds will flow into dollar-pegged stablecoins, but at least we can see a massive potential addressable market. The real question is, how will this up to $34 trillion in stablecoin deposits drive DeFi usage to new heights? If there is sufficient reason to believe that DeFi usage will grow, which crypto projects will benefit the most?
The Logic of Stablecoin Inflows into DeFi
The first concept to understand is staking. Suppose part of this $34 trillion already exists in stablecoin form. To simplify, let’s assume all inflows go into Tether's USDT. Due to fierce competition from other issuers like Circle and large TBTF banks, Tether must share part of its net interest margin (NIM) with holders. They collaborate with some exchanges to allow staked USDT in exchange wallets to earn interest, paid in the form of newly issued USDT.
Here’s a simple example:
Fernando in the Philippines has 1,000 USDT. The Philippine exchange PDAX offers a 2% staking yield. PDAX creates a staking smart contract on Ethereum. Fernando sends 1,000 USDT to the smart contract address, and the following occurs:
His 1,000 USDT becomes 1,000 psUSDT (PDAX staked USDT, PDAX's liability). Initially, 1 USDT = 1 psUSDT, but as interest accumulates daily, psUSDT gradually appreciates. For example, using a 2% annual interest rate and simple interest calculated as ACT/365, psUSDT grows by about 0.00005 daily. After one year, 1 psUSDT = 1.02 USDT.
Fernando receives 1,000 psUSDT in his exchange wallet.
A powerful thing happens: Fernando locks USDT in PDAX in exchange for an interest-generating asset, psUSDT. psUSDT can now be used as collateral in the DeFi ecosystem, exchanged for other cryptocurrencies, used for collateralized lending, or leveraged derivatives trading on DEXs.
A year later, if Fernando wants to exchange psUSDT back to USDT, he simply unstakes on the PDAX platform, psUSDT is burned, and he receives 1,020 USDT. The additional 20 USDT in interest comes from Tether's partnership with PDAX. Tether creates extra USDT from the NIM earned on its Treasury bond portfolio to meet its contractual obligations to PDAX.
Thus, both USDT (the base currency) and psUSDT (the yield-bearing currency) become acceptable collateral in the DeFi ecosystem. In this way, a portion of the overall stablecoin flow will enter DeFi applications (dApps). Total Value Locked (TVL) is used to measure this interaction. Users must lock funds when operating in DeFi dApps, and this portion of funds is reflected as TVL. TVL is a leading indicator of trading volume and future revenue, and it is an important basis for predicting future cash flows of DeFi dApps.
Model Assumptions
I choose to forecast until the end of 2028, as that is when Trump leaves office. My baseline assumption is that the probability of a blue team (Democratic) president being elected is slightly higher than that of a red team (Republican). The reason is that Trump, in less than four years, cannot completely rectify the losses his supporters have suffered from half a century of accumulated monetary, economic, and foreign policy impacts. Worse still, no politician will fully deliver on campaign promises. Therefore, the voter turnout of red team supporters will decline.
The grassroots voters of the red team lack enthusiasm for Trump's successor and will not show up in sufficient numbers at the polls, thus being surpassed by blue team voters affected by Trump Derangement Syndrome (TDS) who are childless cat owners. Any member of the blue team that comes to power will implement unfavorable monetary policies due to TDS, merely to prove they are different from Trump. Ultimately, no politician can resist printing money, and dollar-pegged stablecoins will become the best indifferent price buyers of short-term Treasury bonds. Therefore, while the new president may not initially fully support stablecoins, they will soon realize that lacking this capital will make it difficult to proceed, ultimately continuing the aforementioned policies. This policy oscillation will trigger a bubble burst in the crypto market, leading to an epic bear market.
Moreover, the numbers in my model are enormous. This is a once-in-a-century transformation of the global monetary system. Unless we are continuously injected with stem cells for life, most investors may never encounter a similar event again. I predict that the potential returns will far exceed SBF's amphetamine habit. Driven by the proliferation of dollar-pegged stablecoins, the bull market in the DeFi ecosystem will be unprecedented.
Because I like to make predictions using decimal numbers ending in zero, I estimate that by 2028, the total circulation of dollar-pegged stablecoins will reach at least $10 trillion. This figure is so large because the deficit that Bessenet must finance is extremely vast and growing exponentially. The more Bessenet finances with Treasury bonds, the faster the debt accumulates, as he must roll over the debt each year.
The next key assumption is what level Bessenet and the new Federal Reserve Chair after May 2026 will set the federal funds rate at. Bessenet has publicly stated that the federal funds rate is 1.50% too high, while Trump often calls for a 2.00% cut. Considering that policies often overshoot, I believe the federal funds rate will ultimately settle quickly at around 2.00%. This number is not strictly based, just like institutional economists, we are all making impromptu judgments, so my numbers are as reliable as theirs. Political and economic realities require the Empire to provide cheap funding, and a 2% interest rate fits this need perfectly.
Finally, my prediction for the 10-year Treasury yield: Bessenet's goal is to achieve a 3% real growth rate, plus a 2% federal funds rate (theoretically representing long-term inflation levels), resulting in a 10-year yield of about 5%. I will use this yield to calculate the present value of future cash flows.
As more people start using stablecoins to buy coffee, they naturally also want to earn interest. I previously mentioned that issuers like Tether will distribute part of the net interest margin (NIM) to holders, but this amount will not be large; many savers will seek higher returns without taking on too much additional risk. So, is there new endogenous yield within the crypto capital market that new stablecoin users can capture? The answer is yes, Ethena provides opportunities for higher yields.
In the crypto capital market, there are only two ways to safely lend funds: lending to speculators for derivative trading or lending to crypto miners. Ethena focuses on lending to speculators, hedging long crypto funds by shorting crypto/dollar futures and perpetual swaps. This is the strategy I referred to as "cash and carry" when promoting BitMEX. I later wrote an article titled "Dust on Crust," calling on entrepreneurs to package this trade into synthetic dollars and high-yield stablecoins. After reading the article, Ethena founder Guy Young assembled a top team to put it into practice. Maelstrom subsequently became the founding advisor. Ethena's USDe stablecoin rapidly accumulated about $13.5 billion in deposits within 18 months, becoming the fastest-growing stablecoin, currently ranking third in circulation, only behind Circle's USDC and Tether's USDT. Ethena's growth is so rapid that by next St. Patrick's Day, it will become the second-largest stablecoin issuer after Tether, leaving Circle CEO Jeremy Allaire to drink a Guinness to drown his sorrows.
Due to counterparty risk at exchanges, the interest rate for speculators borrowing dollars to go long on crypto assets is usually higher than the Treasury yield. When I created perpetual contracts with the BitMEX team in 2016, I set the neutral interest rate at 10%. This means that if the perpetual contract price equals the spot price, the long position will pay the short position an annualized interest rate of 10%. Every perpetual contract exchange designed after BitMEX adopted this 10% neutral interest rate. This is important because 10% is far above the current federal funds rate ceiling of 4.5%. Therefore, the yield on staked USDe is almost always higher than Fed Funds, providing new stablecoin savers willing to take on a little extra risk with an opportunity to earn an average of double the returns offered by Buffalo Bill Bessenet.
Now, ordinary people can earn more interest income, but the question is: how can they trade their way out of poverty caused by inflation?
One of the most severe impacts of global currency depreciation is that it forces everyone to become a speculator to maintain their standard of living — if they do not already have a large pile of financial assets. As more people long affected by the arbitrary depreciation of fiat currency begin to save on-chain through stablecoins, they will trade the only asset class that gives them a chance to escape poverty through speculation — cryptocurrencies.
The theory that DEX will consume all other types of exchanges is not new, but what sets Hyperliquid apart is the execution of the team. Jeff Yan has assembled a team of about ten people whose product iteration speed and quality surpass any centralized or decentralized team in the industry.
The simplest way to understand Hyperliquid is to see it as a decentralized version of Binance. Since Tether and other stablecoins primarily support Binance's funding channels, Binance can be viewed as the predecessor of Hyperliquid. Hyperliquid also relies entirely on stablecoin infrastructure for deposits but offers an on-chain trading experience. With the launch of HIP-3, Hyperliquid is rapidly transforming into a permissionless derivatives and spot giant. Any application wishing to have a high liquidity limit order book and achieve real-time margin management can integrate the required derivatives market through HIP-3.
I predict that by the end of this cycle, Hyperliquid will become the largest crypto exchange, and the growth of stablecoin circulation reaching $10 trillion will further accelerate this development. Using Binance as an example, we can predict Hyperliquid's average daily trading volume (ADV) based on the level of stablecoin supply.
"Buffalo Bill" Bessent's Strategy
"Buffalo Bill" Bessent's control over the global Eurodollar and non-dollar deposits depends on the fiscal policy of the U.S. government. I believe that Bessent's boss — U.S. President Trump — has no intention of cutting spending or balancing the budget. His only goal is to win elections. Political winners in late capitalist democracies gain votes by distributing benefits. Therefore, Bessent will take significant action in the fiscal and monetary realms, and no one can stop him.
As the U.S. deficit continues to expand and Pax Americana's global hegemony weakens, the market is unwilling to hold weak dollar debt. Bessent's use of stablecoins to absorb Treasury bonds becomes an inevitable means.
He will widely use sanctions to ensure that dollar stablecoins absorb funds flowing out of Eurodollars and non-U.S. retail banks. At the same time, he will mobilize tech giants (like Zuckerberg and Musk) to promote stablecoins, popularizing them among global users, even if local regulations do not allow it, they will be protected by the U.S. government.
If my judgment is correct, we may see the following trends:
The offshore dollar market (Eurodollar) will receive regulatory scrutiny;
The dollar swap limits between the Federal Reserve and the Treasury will be linked to U.S. tech companies entering the digital market;
Stablecoin issuers will need to hold dollars or Treasury bonds;
Encourage stablecoin issuers to list in the U.S.;
U.S. tech companies will increase crypto wallet features in social media applications;
The Trump administration will openly support the use of stablecoins.
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