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Treasury gets an 18-month window to pull the circuit breaker if stablecoins hurt community banks "That's the one that killed this bill effectively in December when Brian Armstrong came out and said, no bill is better than a bad bill." "Here's where we're at with Stablecoins, pretty much a... similar place. Crypto platforms cannot pay passive yield simply for holding them. It has to be something active tied to transactions, liquidity, staking, etc." "But here is the big innovation that's a head-scratcher. Treasury receives a circuit breaker if transfers into Stablecoins substantially damage deposits at community banks with less than 10 billion in assets." "The proposal gives Treasury a one-time window during the first 18 months after enactment to determine whether Stablecoin rewards are causing substantial deposit losses at community banks, which are those with less than 10 billion in assets."show more

The Wolf Of All Streets

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34,181 views • 3 days ago •via X (Twitter)

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The Wolf Of All Streets3 days ago

This clip is brought to you by @hodlwithLedn

Cointester.io3 days ago

passive versus active yield is a wording fight, the money moves the same either way

Henry Rivera🇺🇸3 days ago

Solid update on stablecoins. Your take cuts through the noise. You and @mozlyxy are my top finance accounts.

Shridlock3 days ago

Taped the trigger: small banks, all but the 25 largest, hold $5,643B of deposits (FRED). Tether's record print day, $3.0B in Nov-2024, was 0.05% of it. Nothing printed for 24 days. Settles on the next print

Mei Yi Xing3 days ago

no passive yield thing is gonna change how a lot of protocols structure rewards

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17,073 views • 8 months ago

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Diana

57,883 views • 6 months ago

Caitlin Long says tokenized securities are dragging banks into tokenized deposits, and predicts stablecoins get squeezed out "I switched from working on tokenized securities to tokenized dollars, because to me, until we have a tokenized dollar, you're not going to have the real benefits of tokenized assets, including securities, commodities, derivatives, loans. Until you can settle the dollar leg in a tokenized form." "The tokenized securities piece is dragging the banking industry into the tokenized dollar piece. And my prediction, this will be controversial in the crypto space, is that tokenized deposits will squeeze out stablecoins, because there's just so much more liquidity behind them." "Tokenized deposits access the entire liquidity of the banking system as a whole, and all the network effects of the banks being networked in the back end of their back offices already. Granted, it's not 24/7." "I had a prep call for a tokenized deposits versus stablecoins panel at the Philadelphia Fed, where the bank folks assumed I was going to be rah-rah stablecoins. I came out and said I think tokenized deposits are going to elbow out stablecoins in velocity and volume over time. It shocked the bankers to hear somebody perceived to be a crypto person saying that."

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The Wolf Of All Streets

40,773 views • 4 days ago

Caitlin Long says the Fed's anti-crypto stance handed Treasury the power to dominate it "There's no question Treasury is taking a lot more power from the Fed. And one of the most interesting things that happened in the last few weeks was Treasury taking the power to recognize foreign stablecoins." "Typically that would be the Fed, because they manage the eurodollar market through central bank swap lines and the like. They basically get to say, operationally, who gets access to the Fed's balance sheet through swap lines for foreign central banks." "But what Treasury did was say: we get to say which foreign stablecoins can come onshore into the US. So Treasury just dominated the Fed, by saying we get to tell the Fed which foreign stablecoins they're going to have to accept through central banks." "That's just another data point that Treasury is dominating the Fed. But step back and think about it, the Fed's anti-crypto, anti-tokenization. So the Fed created that opportunity for Bessent to dominate the Fed, because of its own intransigence about tokenization technologies."

Caitlin Long says the Fed's anti-crypto stance handed Treasury the power to dominate it "There's no question Treasury is taking a lot more power from the Fed. And one of the most interesting things that happened in the last few weeks was Treasury taking the power to recognize foreign stablecoins." "Typically that would be the Fed, because they manage the eurodollar market through central bank swap lines and the like. They basically get to say, operationally, who gets access to the Fed's balance sheet through swap lines for foreign central banks." "But what Treasury did was say: we get to say which foreign stablecoins can come onshore into the US. So Treasury just dominated the Fed, by saying we get to tell the Fed which foreign stablecoins they're going to have to accept through central banks." "That's just another data point that Treasury is dominating the Fed. But step back and think about it, the Fed's anti-crypto, anti-tokenization. So the Fed created that opportunity for Bessent to dominate the Fed, because of its own intransigence about tokenization technologies."

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33,866 views • 2 days ago

Austin Campbell says community banks need to unionize around a shared stablecoin to survive "The community banks need to understand, if they unionize on this and build a widely acceptable, widely usable, interest-paying stablecoin that they could back with deposits across all of these community banks, it becomes a way for them to bundle all of the tiny community banks together and become one mega bank to fight against them." "This is the smartest possible thing they could be doing to compete against a JPMorgan, a Bank of America, a Citi, a Wells Fargo. And they need to get this right, because it's existential." "If they don't, 30 years from now we're probably under a 1000 banks in the United States. By the way, we're at 4,000 right now, so there's a prediction for you."

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The Wolf Of All Streets

37,373 views • 22 days ago

Standard Chartered becomes the first bank to distribute a Hong Kong dollar stablecoin, one of the first significant non dollar stablecoins "We've talked about the fact that stablecoins are eating the world, but we are yet to see much popularity of stablecoins backed by anything other than the dollar" "This is a Hong Kong dollar stablecoin that will be used for tokenized fund subscriptions, asset manager settlement, internal treasury transfers and cross border payments. Interestingly, this is not yet a retail stablecoin, but one that will be used very heavily with eligible institutions and partners, backed by a massive institution in Standard Chartered" "I think this is just another small story in the advancement of stablecoins, but it's a signal that we will see stablecoins beyond US dollar backed ones becoming extremely popular over time" "I do think we will still see largely dominance in US dollar backed stablecoins, but stablecoins are moving forward all across the world in many different iterations, and this is an unstoppable force of nature"

Standard Chartered becomes the first bank to distribute a Hong Kong dollar stablecoin, one of the first significant non dollar stablecoins "We've talked about the fact that stablecoins are eating the world, but we are yet to see much popularity of stablecoins backed by anything other than the dollar" "This is a Hong Kong dollar stablecoin that will be used for tokenized fund subscriptions, asset manager settlement, internal treasury transfers and cross border payments. Interestingly, this is not yet a retail stablecoin, but one that will be used very heavily with eligible institutions and partners, backed by a massive institution in Standard Chartered" "I think this is just another small story in the advancement of stablecoins, but it's a signal that we will see stablecoins beyond US dollar backed ones becoming extremely popular over time" "I do think we will still see largely dominance in US dollar backed stablecoins, but stablecoins are moving forward all across the world in many different iterations, and this is an unstoppable force of nature"

The Wolf Of All Streets

33,419 views • 24 days ago

Goldman Sachs CEO and former U.S. Treasury Secretary: Stablecoins will be “enormous” “You can use stablecoins to very effectively — particularly in small transactions; big transactions you use FedWire — to go from US dollar stablecoins to euros or yen or other things. I think it is enormous, and I think the stablecoin legislation is a big step in the right direction,” says former U.S. Secretary Treasury Steven Mnuchin. Goldman Sachs CEO David Solomon agrees: “Higher speed, less friction.” Both also agree that stablecoins are not a threat to the U.S. dollar, and will in fact strengthen it. Mnuchin explains: “If you have stablecoins that are backed by U.S. Treasuries, I don’t think the U.S. needs to issue its own stablecoin. I think you’re going to see enormous use cases for these.” “And enormous demand for the dollar over time,” Solomon adds. “To me, [stablecoins] strengthen the moat around the dollar and the dollar’s position as the global reserve currency.” Roughly 52% of all stablecoins live on Ethereum (~$163 billion). If you exclude Tron, Ethereum’s stablecoin dominance jumps to 71%. Source: Goldman Sachs (Mar 2026)

Goldman Sachs CEO and former U.S. Treasury Secretary: Stablecoins will be “enormous” “You can use stablecoins to very effectively — particularly in small transactions; big transactions you use FedWire — to go from US dollar stablecoins to euros or yen or other things. I think it is enormous, and I think the stablecoin legislation is a big step in the right direction,” says former U.S. Secretary Treasury Steven Mnuchin. Goldman Sachs CEO David Solomon agrees: “Higher speed, less friction.” Both also agree that stablecoins are not a threat to the U.S. dollar, and will in fact strengthen it. Mnuchin explains: “If you have stablecoins that are backed by U.S. Treasuries, I don’t think the U.S. needs to issue its own stablecoin. I think you’re going to see enormous use cases for these.” “And enormous demand for the dollar over time,” Solomon adds. “To me, [stablecoins] strengthen the moat around the dollar and the dollar’s position as the global reserve currency.” Roughly 52% of all stablecoins live on Ethereum (~$163 billion). If you exclude Tron, Ethereum’s stablecoin dominance jumps to 71%. Source: Goldman Sachs (Mar 2026)

Etherealize

36,586 views • 5 months ago

behind closed doors, in Davos and DC, incumbent banks and challenger stablecoin companies are in the midst of a protracted fight should stablecoins be allowed to pay interest? trillions of dollars are at stake. which arguments on each side actually make sense? will allowing stablecoins to pay yield really destroy the global economy? Omid Malekan of Columbia Business School is regarded among insiders as one of the few scholars who understands both the traditional financial system and crypto deeply he is the ideal guest for this moment. in this conversation, we strip away the rhetoric to reveal what is really going on: • 01:03 – Why banks are terrified of stablecoins paying interest • 03:12 – “If you want lending to die, support stablecoins” • 13:40 – How disingenuous is the CEO of Bank of America? • 22:58 – Claiming that stablecoins reduce bank deposits is a lie • 30:55 – Nobody accounted for a bank run starting in a WhatsApp group • 34:33 – Big banks are using smaller banks as human shields • 49:49 – "I can verify Tether's liabilities in 30 seconds. JPM can't verify theirs at all." • 59:02 – Wall Street's blockchain pilots are a lie • 01:01:54 – Tokenized bank deposits will never be a thing • 01:06:15 – The hidden tax on every American paycheck brought to you by , the stablecoin foreign exchange specialist

behind closed doors, in Davos and DC, incumbent banks and challenger stablecoin companies are in the midst of a protracted fight should stablecoins be allowed to pay interest? trillions of dollars are at stake. which arguments on each side actually make sense? will allowing stablecoins to pay yield really destroy the global economy? Omid Malekan of Columbia Business School is regarded among insiders as one of the few scholars who understands both the traditional financial system and crypto deeply he is the ideal guest for this moment. in this conversation, we strip away the rhetoric to reveal what is really going on: • 01:03 – Why banks are terrified of stablecoins paying interest • 03:12 – “If you want lending to die, support stablecoins” • 13:40 – How disingenuous is the CEO of Bank of America? • 22:58 – Claiming that stablecoins reduce bank deposits is a lie • 30:55 – Nobody accounted for a bank run starting in a WhatsApp group • 34:33 – Big banks are using smaller banks as human shields • 49:49 – "I can verify Tether's liabilities in 30 seconds. JPM can't verify theirs at all." • 59:02 – Wall Street's blockchain pilots are a lie • 01:01:54 – Tokenized bank deposits will never be a thing • 01:06:15 – The hidden tax on every American paycheck brought to you by , the stablecoin foreign exchange specialist

Haonan

575,423 views • 6 months ago

What if the U.S. starts buying Treasury bonds with ripple:native or RLUSD and puts them on the XRP Ledger? South Korea’s YTN just asked a question that sounds wild at first: “Buying U.S. Treasury Bonds with Crypto?” But when I started connecting it with what Scott Bessent, Ripple, RLUSD and the XRP Ledger are already doing, this stopped looking like some random crypto theory. The pieces are already sitting right in front of us. The United States has now crossed roughly $40 trillion in federal debt. That means the government constantly needs buyers for enormous amounts of Treasury securities. Not once. Again and again. Old debt matures. New debt gets issued. Short-term bills need buyers. Interest keeps getting paid. The whole system depends on keeping demand for U.S. government debt strong. And this is exactly where stablecoins suddenly become much more important than most people realize. Scott Bessent has already talked about stablecoins creating more demand for U.S. Treasuries. The logic is actually simple. A regulated dollar stablecoin needs real assets behind it. Under the GENIUS Act framework, stablecoins are backed 1:1 by eligible high-quality reserves such as cash, short-term Treasuries, Treasury-backed repo and government money-market funds. So when stablecoins grow, their reserve pools grow too. And when those reserves include Treasury bills, stablecoin adoption can create another source of demand for U.S. government debt. That means crypto growth does not have to weaken the dollar. It can actually create another global buyer base for dollar assets. That completely changes how I look at RLUSD. RLUSD is not just another dollar token sitting beside USDC and other stablecoins. Ripple’s own RLUSD reserve structure already allows short-term U.S. Treasury bills with three months or less remaining maturity, overnight reverse repos backed by Treasuries, U.S. government money-market funds and bank deposits. Think about what that means. If RLUSD grows, the pool of assets backing RLUSD grows. If RLUSD becomes a major institutional stablecoin, Ripple’s ecosystem can become a major holder of the same short-term government assets the U.S. Treasury needs constant demand for. Imagine RLUSD at $10 billion. Then $25 billion. Then $50 billion. Then $100 billion. The bigger the supply becomes, the bigger the reserve base behind it becomes. And part of that reserve base can be short-term U.S. government debt. That already gives Ripple a direct connection to the exact stablecoin-Treasury thesis Scott Bessent has been talking about. But this is where it gets even more interesting. Ripple is not stopping at Treasuries backing RLUSD. Treasuries themselves are already being brought onto the XRP Ledger. Ondo Finance launched OUSG on XRPL. OUSG gives qualified institutional investors exposure to short-term U.S. government Treasuries. And what can institutions use to mint and redeem that Treasury exposure on XRPL? RLUSD. That means this architecture already exists: RLUSD ↓ tokenized U.S. Treasury exposure ↓ OUSG ↓ XRP Ledger This is the part that really gets me. We are not imagining some future where Ripple eventually connects stablecoins with U.S. Treasuries. That connection is already being built. You have Treasury assets sitting behind the digital dollar. Then you also have Treasury products represented directly on the blockchain. And both can interact through the same ecosystem. That gives Ripple two different positions inside the Treasury market. First: Treasuries can back RLUSD. Second: Treasuries can themselves be tokenized on XRPL. That means Ripple could potentially sit on both sides of a new digital Treasury market. Digital cash on one side. Digital U.S. government debt on the other. XRP Ledger between them. And ripple:native sitting underneath the network as the native asset and potential bridge between different pools of liquidity. That is a much bigger story than “Ripple has a stablecoin.” Ripple has also committed $10 million to OpenEden’s tokenized U.S. Treasury-bill product on XRPL. That tells me Ripple clearly understands where this is going. They are not waiting for tokenized Treasuries to become a trend. They have already put capital behind bringing those products directly onto XRP Ledger. Then you have Guggenheim Treasury Services. Ripple highlighted digital commercial paper administered by Guggenheim Treasury Services on XRPL. That instrument is secured by U.S. Treasuries and carries a Prime-1 Moody’s rating. Now step back and look at what is forming. RLUSD. Ondo OUSG. OpenEden Treasury bills. Guggenheim Treasury Services. Tokenized fixed income. Institutional custody. Ripple Prime. Ripple Payments. XRP Ledger. ripple:native. All of these pieces are starting to sit inside the same financial stack. That is why I think people are looking at the $40 trillion U.S. debt problem from the wrong angle when they only ask: “How will America ever pay this?” The more interesting question for me is: How will America keep finding buyers for trillions of dollars of government debt while modernizing the financial system at the same time? Stablecoins can help create buyers. Tokenization can help create distribution. Blockchain can help create 24/7 settlement. And Ripple is building in all three areas. Imagine how Treasury investing works for a normal global institution today. You may need banking relationships. Custody. Brokerage. Settlement infrastructure. Different accounts. Different systems. Different operating hours. Now imagine Treasury exposure existing directly on XRPL. The investor can hold RLUSD. Move into tokenized Treasury exposure. Redeem back into RLUSD. Move the dollar liquidity somewhere else. Do it around the clock. That is a completely different experience. Treasuries stop being something that only sits inside old databases. They become programmable financial assets. That matters because America does not just need Treasuries to exist. America needs Treasuries to remain attractive. Liquid. Easy to buy. Easy to hold. Easy to use. Easy to move. And eventually, easy to use as collateral. That is where tokenization becomes much bigger than simply putting a bond onchain. Imagine buying a tokenized Treasury and then using it as collateral. Borrowing against it. Moving it between institutions. Settling it against digital dollars. Redeploying that liquidity instantly. Now a Treasury is no longer just something you buy and wait for. It becomes a working financial asset. And the more useful Treasuries become, the more reasons global institutions have to hold them. This is why the XRP Ledger piece matters. XRPL can become infrastructure where those assets move. RLUSD can become the digital cash side. Then ripple:native can become the neutral liquidity layer between all the different assets and currencies touching that network. Because the future XRPL does not have to contain only RLUSD and Treasury products. Imagine it contains: RLUSD. Tokenized Treasuries. EUR stablecoins. MXN stablecoins. Tokenized deposits. Money-market funds. Commercial paper. Foreign government debt. Private credit. Different institutions will hold different assets. Different countries will use different currencies. That creates a liquidity problem. You cannot expect every possible asset pair to have a massive direct market. A Japanese institution may start with yen liquidity. A European institution may need euros. A Mexican institution may need pesos. A U.S. institution may need RLUSD. A Treasury fund may need to move into cash. This is where ripple:native becomes much more interesting. XRP can potentially sit in the middle as the bridge. Asset A → ripple:native → Asset B. So imagine a Japanese bank wants $1 billion worth of tokenized U.S. Treasury exposure. It starts with Japanese liquidity. The route could eventually become: JPY ↓ ripple:native ↓ RLUSD ↓ tokenized Treasury Then later that institution wants to exit. Tokenized Treasury ↓ RLUSD ↓ ripple:native ↓ JPY Now imagine the same thing happening from Europe. -South Korea. -Singapore. -Hong Kong. -UAE. -Mexico. -Brazil. The United States gets another global distribution channel for its debt. Ripple gets institutional activity. XRPL gets settlement volume. RLUSD gets dollar demand. And ripple:native can become part of the liquidity connecting all of those markets. That is where this gets much bigger than payments. Because once tokenized Treasuries become collateral, you are no longer only talking about buying and selling government debt. You are talking about credit. -Repo. -Margin. -Working capital. -Liquidity management. -Treasury management. -Institutional trading. Imagine a company holds $2 billion in tokenized Treasuries on XRPL. It suddenly needs $500 million of liquidity. Instead of selling everything and moving through multiple systems, it uses the Treasury position as collateral. Receives RLUSD. Then converts part of that liquidity into another currency through ripple:native. Now ripple:native is sitting in the middle of: -money -government debt -FX -credit -collateral That is a completely different role from people simply trading XRP on an exchange. And Ripple has been building the institutional infrastructure around that role. Ripple Prime gives Ripple a connection into professional capital markets. Ripple Custody gives institutions infrastructure for holding digital assets. Ripple Payments handles movement. RLUSD provides regulated dollar liquidity. XRPL handles tokenization and settlement. ripple:native sits natively underneath the ledger. When I put all of that beside what Scott Bessent is saying about stablecoins and Treasuries, I cannot ignore the alignment. The U.S. wants stronger global demand for dollars. Stablecoins can extend dollars onto digital rails. The U.S. wants buyers for Treasury bills. Stablecoin reserves can become buyers. The U.S. wants more efficient capital markets. Tokenized Treasuries can make those assets easier to move and use. Ripple already has a regulated stablecoin. RLUSD already has Treasury-eligible reserve assets. XRPL already has tokenized Treasury products. RLUSD already interacts with OUSG. Ripple has already backed OpenEden Treasury infrastructure. Guggenheim Treasury Services already has Treasury-secured digital commercial paper on XRPL. This is not one random announcement. It is a system starting to form. And there is another point I think is being missed. The bullish XRP thesis does not require the U.S. dollar to fail. I actually think the opposite scenario is much stronger. Imagine the dollar becomes even more dominant because regulated stablecoins make it easier for anyone in the world to hold and move digital dollars. Those stablecoins create more demand for U.S. Treasuries. Treasuries themselves become tokenized. Global investors buy them 24/7. And ripple:native becomes one of the liquidity assets connecting those digital dollars and Treasury products to currencies around the world. In that world: the dollar wins. Treasuries win. Ripple wins. XRPL wins. And ripple:native gets a much bigger liquidity role. That is why the GENIUS Act matters here too. The framework is pushing stablecoins toward regulated 1:1 reserve structures. Bessent has talked about stablecoins strengthening dollar dominance. Ripple already has RLUSD. RLUSD is issued through a New York-regulated structure. BNY is the primary custodian for RLUSD reserves. That is serious financial infrastructure. It means Ripple is not building some completely separate parallel monetary system. It is building directly around the same regulated dollar and Treasury framework Washington is encouraging. And that is what makes this thesis so powerful to me. The path does not need to be: America abandons the dollar. America adopts XRP. That sounds unrealistic and honestly misses the point. The much bigger setup is: America keeps the dollar. America keeps Treasuries. Stablecoins make the dollar more digital. Tokenization makes Treasuries more accessible. Ripple builds the infrastructure around both. And ripple:native connects them to the rest of the global financial system. That is a completely different level of adoption. Now take this to the highly bullish scenario. Imagine the global stablecoin market reaches $3 trillion. RLUSD becomes one of the major institutional stablecoins. Maybe it reaches $100 billion or more in circulation. That means an enormous reserve pool exists behind it. Part of that reserve base holds short-term Treasury securities, Treasury-backed repo and government money-market instruments. Ripple becomes a major private-sector participant in short-term U.S. government debt demand. At the same time, tokenized Treasury products on XRPL grow from where they are today into tens of billions. Then hundreds of billions. Global asset managers start holding Treasury exposure directly on XRPL. Banks use RLUSD to enter and exit those positions. Treasuries get used as collateral. Institutions borrow against them. Ripple Prime connects the professional market. Ripple Custody holds the assets. XRPL settles them. Then currencies from around the world need to enter and exit that system. That is where ripple:native can explode in importance. Market makers need XRP inventory. Liquidity providers need deeper XRP books. Banks need larger settlement capacity. More XRP sits inside institutional liquidity operations. The amount of financial value that needs to move through the system keeps increasing. And suddenly the market has to ask a very different question: Is the current dollar value of ripple:native large enough to provide liquidity for this kind of financial system? Imagine $100 billion of tokenized Treasuries. Then $500 billion. Then trillions of tokenized fixed income across XRPL and connected markets. Imagine RLUSD at $100 billion. Imagine global currencies continuously moving in and out. At that point, the amount of liquidity required looks nothing like today's crypto market. A higher ripple:native price means every unit can represent more dollar value. That gives liquidity providers more settlement capacity without needing absurd quantities of XRP for every transaction. That is why I see price and liquidity eventually becoming connected. The bigger the financial system that XRP is asked to connect, the deeper the dollar value of XRP liquidity needs to become. The full loop could look like this: U.S. debt keeps growing ↓ Treasury needs more buyers ↓ stablecoins expand ↓ stablecoin issuers buy more short-term Treasury assets ↓ RLUSD grows ↓ Treasury products become tokenized ↓ XRPL captures more of those assets ↓ global investors enter through RLUSD ↓ more global currencies connect ↓ ripple:native bridges fragmented liquidity ↓ market makers need more XRP inventory ↓ Ripple Prime expands institutional liquidity ↓ XRPL becomes deeper financial infrastructure ↓ ripple:native represents more value inside that system ↓ price reprices higher. That is the scenario I keep coming back to. Because the wild part is that the starting pieces already exist. RLUSD already has Treasury-eligible reserves. Scott Bessent already sees stablecoins as a potential source of Treasury demand. The GENIUS Act already created the regulatory direction. Ondo OUSG already exists on XRP Ledger. RLUSD already provides an entry and redemption path for that Treasury exposure. Ripple already committed $10 million to OpenEden Treasury products. Guggenheim Treasury Services already has Treasury-secured fixed income on XRPL. BNY already sits behind RLUSD reserve custody. Ripple already has Prime, Payments and Custody. So when YTN asks: “Buying U.S. Treasury Bonds with Crypto?” I do not read that as some distant fantasy anymore. I look at the infrastructure being built and think: What happens when the world's largest government debt market meets regulated stablecoins, tokenized securities and 24/7 blockchain settlement? And what happens if XRP Ledger becomes one of the rails carrying it? That is the part people should be thinking about. Because the real ripple:native thesis may not be about replacing the dollar at all. It may be about becoming the liquidity layer underneath a stronger, more digital dollar system. RLUSD can bring dollars onchain. Tokenized Treasuries can bring U.S. debt onchain. XRPL can become the marketplace and settlement layer. And ripple:native can connect that system to the rest of the world. If that scales into trillions, we are no longer talking about XRP as just another crypto asset. We are talking about ripple:native sitting inside the liquidity architecture connecting digital dollars, U.S. government debt, FX, collateral and global institutional capital. That is the scenario I am watching. You?

What if the U.S. starts buying Treasury bonds with ripple:native or RLUSD and puts them on the XRP Ledger? South Korea’s YTN just asked a question that sounds wild at first: “Buying U.S. Treasury Bonds with Crypto?” But when I started connecting it with what Scott Bessent, Ripple, RLUSD and the XRP Ledger are already doing, this stopped looking like some random crypto theory. The pieces are already sitting right in front of us. The United States has now crossed roughly $40 trillion in federal debt. That means the government constantly needs buyers for enormous amounts of Treasury securities. Not once. Again and again. Old debt matures. New debt gets issued. Short-term bills need buyers. Interest keeps getting paid. The whole system depends on keeping demand for U.S. government debt strong. And this is exactly where stablecoins suddenly become much more important than most people realize. Scott Bessent has already talked about stablecoins creating more demand for U.S. Treasuries. The logic is actually simple. A regulated dollar stablecoin needs real assets behind it. Under the GENIUS Act framework, stablecoins are backed 1:1 by eligible high-quality reserves such as cash, short-term Treasuries, Treasury-backed repo and government money-market funds. So when stablecoins grow, their reserve pools grow too. And when those reserves include Treasury bills, stablecoin adoption can create another source of demand for U.S. government debt. That means crypto growth does not have to weaken the dollar. It can actually create another global buyer base for dollar assets. That completely changes how I look at RLUSD. RLUSD is not just another dollar token sitting beside USDC and other stablecoins. Ripple’s own RLUSD reserve structure already allows short-term U.S. Treasury bills with three months or less remaining maturity, overnight reverse repos backed by Treasuries, U.S. government money-market funds and bank deposits. Think about what that means. If RLUSD grows, the pool of assets backing RLUSD grows. If RLUSD becomes a major institutional stablecoin, Ripple’s ecosystem can become a major holder of the same short-term government assets the U.S. Treasury needs constant demand for. Imagine RLUSD at $10 billion. Then $25 billion. Then $50 billion. Then $100 billion. The bigger the supply becomes, the bigger the reserve base behind it becomes. And part of that reserve base can be short-term U.S. government debt. That already gives Ripple a direct connection to the exact stablecoin-Treasury thesis Scott Bessent has been talking about. But this is where it gets even more interesting. Ripple is not stopping at Treasuries backing RLUSD. Treasuries themselves are already being brought onto the XRP Ledger. Ondo Finance launched OUSG on XRPL. OUSG gives qualified institutional investors exposure to short-term U.S. government Treasuries. And what can institutions use to mint and redeem that Treasury exposure on XRPL? RLUSD. That means this architecture already exists: RLUSD ↓ tokenized U.S. Treasury exposure ↓ OUSG ↓ XRP Ledger This is the part that really gets me. We are not imagining some future where Ripple eventually connects stablecoins with U.S. Treasuries. That connection is already being built. You have Treasury assets sitting behind the digital dollar. Then you also have Treasury products represented directly on the blockchain. And both can interact through the same ecosystem. That gives Ripple two different positions inside the Treasury market. First: Treasuries can back RLUSD. Second: Treasuries can themselves be tokenized on XRPL. That means Ripple could potentially sit on both sides of a new digital Treasury market. Digital cash on one side. Digital U.S. government debt on the other. XRP Ledger between them. And ripple:native sitting underneath the network as the native asset and potential bridge between different pools of liquidity. That is a much bigger story than “Ripple has a stablecoin.” Ripple has also committed $10 million to OpenEden’s tokenized U.S. Treasury-bill product on XRPL. That tells me Ripple clearly understands where this is going. They are not waiting for tokenized Treasuries to become a trend. They have already put capital behind bringing those products directly onto XRP Ledger. Then you have Guggenheim Treasury Services. Ripple highlighted digital commercial paper administered by Guggenheim Treasury Services on XRPL. That instrument is secured by U.S. Treasuries and carries a Prime-1 Moody’s rating. Now step back and look at what is forming. RLUSD. Ondo OUSG. OpenEden Treasury bills. Guggenheim Treasury Services. Tokenized fixed income. Institutional custody. Ripple Prime. Ripple Payments. XRP Ledger. ripple:native. All of these pieces are starting to sit inside the same financial stack. That is why I think people are looking at the $40 trillion U.S. debt problem from the wrong angle when they only ask: “How will America ever pay this?” The more interesting question for me is: How will America keep finding buyers for trillions of dollars of government debt while modernizing the financial system at the same time? Stablecoins can help create buyers. Tokenization can help create distribution. Blockchain can help create 24/7 settlement. And Ripple is building in all three areas. Imagine how Treasury investing works for a normal global institution today. You may need banking relationships. Custody. Brokerage. Settlement infrastructure. Different accounts. Different systems. Different operating hours. Now imagine Treasury exposure existing directly on XRPL. The investor can hold RLUSD. Move into tokenized Treasury exposure. Redeem back into RLUSD. Move the dollar liquidity somewhere else. Do it around the clock. That is a completely different experience. Treasuries stop being something that only sits inside old databases. They become programmable financial assets. That matters because America does not just need Treasuries to exist. America needs Treasuries to remain attractive. Liquid. Easy to buy. Easy to hold. Easy to use. Easy to move. And eventually, easy to use as collateral. That is where tokenization becomes much bigger than simply putting a bond onchain. Imagine buying a tokenized Treasury and then using it as collateral. Borrowing against it. Moving it between institutions. Settling it against digital dollars. Redeploying that liquidity instantly. Now a Treasury is no longer just something you buy and wait for. It becomes a working financial asset. And the more useful Treasuries become, the more reasons global institutions have to hold them. This is why the XRP Ledger piece matters. XRPL can become infrastructure where those assets move. RLUSD can become the digital cash side. Then ripple:native can become the neutral liquidity layer between all the different assets and currencies touching that network. Because the future XRPL does not have to contain only RLUSD and Treasury products. Imagine it contains: RLUSD. Tokenized Treasuries. EUR stablecoins. MXN stablecoins. Tokenized deposits. Money-market funds. Commercial paper. Foreign government debt. Private credit. Different institutions will hold different assets. Different countries will use different currencies. That creates a liquidity problem. You cannot expect every possible asset pair to have a massive direct market. A Japanese institution may start with yen liquidity. A European institution may need euros. A Mexican institution may need pesos. A U.S. institution may need RLUSD. A Treasury fund may need to move into cash. This is where ripple:native becomes much more interesting. XRP can potentially sit in the middle as the bridge. Asset A → ripple:native → Asset B. So imagine a Japanese bank wants $1 billion worth of tokenized U.S. Treasury exposure. It starts with Japanese liquidity. The route could eventually become: JPY ↓ ripple:native ↓ RLUSD ↓ tokenized Treasury Then later that institution wants to exit. Tokenized Treasury ↓ RLUSD ↓ ripple:native ↓ JPY Now imagine the same thing happening from Europe. -South Korea. -Singapore. -Hong Kong. -UAE. -Mexico. -Brazil. The United States gets another global distribution channel for its debt. Ripple gets institutional activity. XRPL gets settlement volume. RLUSD gets dollar demand. And ripple:native can become part of the liquidity connecting all of those markets. That is where this gets much bigger than payments. Because once tokenized Treasuries become collateral, you are no longer only talking about buying and selling government debt. You are talking about credit. -Repo. -Margin. -Working capital. -Liquidity management. -Treasury management. -Institutional trading. Imagine a company holds $2 billion in tokenized Treasuries on XRPL. It suddenly needs $500 million of liquidity. Instead of selling everything and moving through multiple systems, it uses the Treasury position as collateral. Receives RLUSD. Then converts part of that liquidity into another currency through ripple:native. Now ripple:native is sitting in the middle of: -money -government debt -FX -credit -collateral That is a completely different role from people simply trading XRP on an exchange. And Ripple has been building the institutional infrastructure around that role. Ripple Prime gives Ripple a connection into professional capital markets. Ripple Custody gives institutions infrastructure for holding digital assets. Ripple Payments handles movement. RLUSD provides regulated dollar liquidity. XRPL handles tokenization and settlement. ripple:native sits natively underneath the ledger. When I put all of that beside what Scott Bessent is saying about stablecoins and Treasuries, I cannot ignore the alignment. The U.S. wants stronger global demand for dollars. Stablecoins can extend dollars onto digital rails. The U.S. wants buyers for Treasury bills. Stablecoin reserves can become buyers. The U.S. wants more efficient capital markets. Tokenized Treasuries can make those assets easier to move and use. Ripple already has a regulated stablecoin. RLUSD already has Treasury-eligible reserve assets. XRPL already has tokenized Treasury products. RLUSD already interacts with OUSG. Ripple has already backed OpenEden Treasury infrastructure. Guggenheim Treasury Services already has Treasury-secured digital commercial paper on XRPL. This is not one random announcement. It is a system starting to form. And there is another point I think is being missed. The bullish XRP thesis does not require the U.S. dollar to fail. I actually think the opposite scenario is much stronger. Imagine the dollar becomes even more dominant because regulated stablecoins make it easier for anyone in the world to hold and move digital dollars. Those stablecoins create more demand for U.S. Treasuries. Treasuries themselves become tokenized. Global investors buy them 24/7. And ripple:native becomes one of the liquidity assets connecting those digital dollars and Treasury products to currencies around the world. In that world: the dollar wins. Treasuries win. Ripple wins. XRPL wins. And ripple:native gets a much bigger liquidity role. That is why the GENIUS Act matters here too. The framework is pushing stablecoins toward regulated 1:1 reserve structures. Bessent has talked about stablecoins strengthening dollar dominance. Ripple already has RLUSD. RLUSD is issued through a New York-regulated structure. BNY is the primary custodian for RLUSD reserves. That is serious financial infrastructure. It means Ripple is not building some completely separate parallel monetary system. It is building directly around the same regulated dollar and Treasury framework Washington is encouraging. And that is what makes this thesis so powerful to me. The path does not need to be: America abandons the dollar. America adopts XRP. That sounds unrealistic and honestly misses the point. The much bigger setup is: America keeps the dollar. America keeps Treasuries. Stablecoins make the dollar more digital. Tokenization makes Treasuries more accessible. Ripple builds the infrastructure around both. And ripple:native connects them to the rest of the global financial system. That is a completely different level of adoption. Now take this to the highly bullish scenario. Imagine the global stablecoin market reaches $3 trillion. RLUSD becomes one of the major institutional stablecoins. Maybe it reaches $100 billion or more in circulation. That means an enormous reserve pool exists behind it. Part of that reserve base holds short-term Treasury securities, Treasury-backed repo and government money-market instruments. Ripple becomes a major private-sector participant in short-term U.S. government debt demand. At the same time, tokenized Treasury products on XRPL grow from where they are today into tens of billions. Then hundreds of billions. Global asset managers start holding Treasury exposure directly on XRPL. Banks use RLUSD to enter and exit those positions. Treasuries get used as collateral. Institutions borrow against them. Ripple Prime connects the professional market. Ripple Custody holds the assets. XRPL settles them. Then currencies from around the world need to enter and exit that system. That is where ripple:native can explode in importance. Market makers need XRP inventory. Liquidity providers need deeper XRP books. Banks need larger settlement capacity. More XRP sits inside institutional liquidity operations. The amount of financial value that needs to move through the system keeps increasing. And suddenly the market has to ask a very different question: Is the current dollar value of ripple:native large enough to provide liquidity for this kind of financial system? Imagine $100 billion of tokenized Treasuries. Then $500 billion. Then trillions of tokenized fixed income across XRPL and connected markets. Imagine RLUSD at $100 billion. Imagine global currencies continuously moving in and out. At that point, the amount of liquidity required looks nothing like today's crypto market. A higher ripple:native price means every unit can represent more dollar value. That gives liquidity providers more settlement capacity without needing absurd quantities of XRP for every transaction. That is why I see price and liquidity eventually becoming connected. The bigger the financial system that XRP is asked to connect, the deeper the dollar value of XRP liquidity needs to become. The full loop could look like this: U.S. debt keeps growing ↓ Treasury needs more buyers ↓ stablecoins expand ↓ stablecoin issuers buy more short-term Treasury assets ↓ RLUSD grows ↓ Treasury products become tokenized ↓ XRPL captures more of those assets ↓ global investors enter through RLUSD ↓ more global currencies connect ↓ ripple:native bridges fragmented liquidity ↓ market makers need more XRP inventory ↓ Ripple Prime expands institutional liquidity ↓ XRPL becomes deeper financial infrastructure ↓ ripple:native represents more value inside that system ↓ price reprices higher. That is the scenario I keep coming back to. Because the wild part is that the starting pieces already exist. RLUSD already has Treasury-eligible reserves. Scott Bessent already sees stablecoins as a potential source of Treasury demand. The GENIUS Act already created the regulatory direction. Ondo OUSG already exists on XRP Ledger. RLUSD already provides an entry and redemption path for that Treasury exposure. Ripple already committed $10 million to OpenEden Treasury products. Guggenheim Treasury Services already has Treasury-secured fixed income on XRPL. BNY already sits behind RLUSD reserve custody. Ripple already has Prime, Payments and Custody. So when YTN asks: “Buying U.S. Treasury Bonds with Crypto?” I do not read that as some distant fantasy anymore. I look at the infrastructure being built and think: What happens when the world's largest government debt market meets regulated stablecoins, tokenized securities and 24/7 blockchain settlement? And what happens if XRP Ledger becomes one of the rails carrying it? That is the part people should be thinking about. Because the real ripple:native thesis may not be about replacing the dollar at all. It may be about becoming the liquidity layer underneath a stronger, more digital dollar system. RLUSD can bring dollars onchain. Tokenized Treasuries can bring U.S. debt onchain. XRPL can become the marketplace and settlement layer. And ripple:native can connect that system to the rest of the world. If that scales into trillions, we are no longer talking about XRP as just another crypto asset. We are talking about ripple:native sitting inside the liquidity architecture connecting digital dollars, U.S. government debt, FX, collateral and global institutional capital. That is the scenario I am watching. You?

X Finance Bull

237,245 views • 17 days ago

The Economist says the stablecoin market is "fizzling." We asked Bridge co-founder Zach Abrams his response: "Our business grew 4x last year. Our business continues to grow enormously. We grew 20% over the last month alone. So, we certainly don't see stablecoins slowing down." "Stablecoin transaction volume is growing enormously. We see that the number of folks building with stablecoins is growing enormously." "We have folks from a bunch of banks who are leaning into stablecoins. Pretty much every fintech that you could think of that is meaningful is doing something with stablecoins (and probably doing it with us)." "Yesterday we announced with Meta that we're paying out folks in stablecoins." "So I do think that the hyperbole around stablecoins is dying down a little bit. And that creates the opportunity for some of this FUD." "For a long time people were pointing at every problem and being like, 'Crypto solves this.' And now they're no longer pointing at every problem and saying, 'Crypto solves this.' But very quietly, under the hood, it is solving a number of problems."

The Economist says the stablecoin market is "fizzling." We asked Bridge co-founder Zach Abrams his response: "Our business grew 4x last year. Our business continues to grow enormously. We grew 20% over the last month alone. So, we certainly don't see stablecoins slowing down." "Stablecoin transaction volume is growing enormously. We see that the number of folks building with stablecoins is growing enormously." "We have folks from a bunch of banks who are leaning into stablecoins. Pretty much every fintech that you could think of that is meaningful is doing something with stablecoins (and probably doing it with us)." "Yesterday we announced with Meta that we're paying out folks in stablecoins." "So I do think that the hyperbole around stablecoins is dying down a little bit. And that creates the opportunity for some of this FUD." "For a long time people were pointing at every problem and being like, 'Crypto solves this.' And now they're no longer pointing at every problem and saying, 'Crypto solves this.' But very quietly, under the hood, it is solving a number of problems."

TBPN

30,724 views • 4 months ago

$ARMSTRONG DIDN’T BACK DOWN -- HE DOUBLED DOWN On Bloomberg at Davos, Brian Armstrong explained why Coinbase pulled support for the Senate market structure bill. His issue was simple: the draft tilted too far toward banks. Bank lobbying groups were trying to limit stablecoin rewards, block tokenized equities, and lock in advantages for TradFi. Armstrong called that un-American and said he wasn’t going to sign off on a bill that bans competition. The key tension: 🏦 Banks pay ~14 bps on savings 🏦 Stablecoins can pay 3-4% 🏦 Banks are worried about deposit flight -- not consumer protection Armstrong also made an important distinction people gloss over: Coinbase isn’t doing fractional reserve lending. Stablecoins are 100% reserved. Different risk & different rules. He said the White House still wants a deal. Senators want a deal. Even bank CEOs privately see the opportunity. This wasn’t Coinbase blowing things up, it's about refusing to accept a bad draft and forcing another round. That’s how negotiations actually work.$

ARMSTRONG DIDN’T BACK DOWN -- HE DOUBLED DOWN On Bloomberg at Davos, Brian Armstrong explained why Coinbase pulled support for the Senate market structure bill. His issue was simple: the draft tilted too far toward banks. Bank lobbying groups were trying to limit stablecoin rewards, block tokenized equities, and lock in advantages for TradFi. Armstrong called that un-American and said he wasn’t going to sign off on a bill that bans competition. The key tension: 🏦 Banks pay ~14 bps on savings 🏦 Stablecoins can pay 3-4% 🏦 Banks are worried about deposit flight -- not consumer protection Armstrong also made an important distinction people gloss over: Coinbase isn’t doing fractional reserve lending. Stablecoins are 100% reserved. Different risk & different rules. He said the White House still wants a deal. Senators want a deal. Even bank CEOs privately see the opportunity. This wasn’t Coinbase blowing things up, it's about refusing to accept a bad draft and forcing another round. That’s how negotiations actually work.

CryptosRus

161,042 views • 8 months ago

Arthur Hayes: Is The US Promoting Stablecoins Only to Resolve Its Debt? During an interview with Kyle Chasse, Arthur Hayes, co-founder of BitMEX, pointed out that in many parts of the world such as Latin America and developing Asia, people have a strong demand for US dollars due to high inflation of their local currencies and deposit rates lower than nominal GDP. However, they can hardly access US dollars because local regulations restrict foreign banks from providing US dollar-denominated banking services, which makes stablecoins like Tether highly popular. He believes this situation is expected to unlock trillions of US dollars in capital from the Global South, with the potential market size of stablecoins possibly reaching $34 trillion. He also mentioned that Besson and Trump's promotion of stablecoins has geopolitical significance; essentially, it is to let the private sector promote stablecoins globally, ultimately facilitating the purchase of Treasury bills. The core goal is to attract price-insensitive buyers to buy Treasury bills rather than focusing on innovation, and this move is in line with the interests of U.S. monetary policy. Source:

Arthur Hayes: Is The US Promoting Stablecoins Only to Resolve Its Debt? During an interview with Kyle Chasse, Arthur Hayes, co-founder of BitMEX, pointed out that in many parts of the world such as Latin America and developing Asia, people have a strong demand for US dollars due to high inflation of their local currencies and deposit rates lower than nominal GDP. However, they can hardly access US dollars because local regulations restrict foreign banks from providing US dollar-denominated banking services, which makes stablecoins like Tether highly popular. He believes this situation is expected to unlock trillions of US dollars in capital from the Global South, with the potential market size of stablecoins possibly reaching $34 trillion. He also mentioned that Besson and Trump's promotion of stablecoins has geopolitical significance; essentially, it is to let the private sector promote stablecoins globally, ultimately facilitating the purchase of Treasury bills. The core goal is to attract price-insensitive buyers to buy Treasury bills rather than focusing on innovation, and this move is in line with the interests of U.S. monetary policy. Source:

Wu Blockchain

22,699 views • 1 year ago

🚨 THIS IS BIG. CONNECT THE DOTS. 🚨 After speaking at the World Economic Forum, Donald Trump said he looks forward to signing the Market Structure Bill to unlock financial freedom for Americans, or China will dominate this market. Then the White House Crypto Czar David Sacks confirms it: "Once market structure legislation passes, banks will get fully into crypto… They’ll be deep in the stablecoin business to offer yield and stay competitive." Here’s what most people are missing 👇 This is NOT Banks vs Crypto. It’s Centralized Middlemen vs Decentralized Access. What the bill actually unlocks: ▫️ Community banks & credit unions onboarding digital assets ▫️ Regulated on-ramps into DeFi ▫️ Stablecoin yield earned on-chain, not parked on centralized exchanges ▫️ Capital in motion, not idle custodial yield Credit unions don’t have shareholders. They’re owned by the people. That means: ▫️ Higher yields ▫️ Lower fees ▫️ Direct access to DeFi ▫️ No need to trust a centralized exchange acting like a bank Meanwhile, some centralized exchanges are pretending to fight banks… while quietly partnering with big banks and recreating the same old system. ⚠️ If you’re earning 3–4% on a centralized exchange, wait until community banks + DeFi rails go live. This is mainstream integration, but done the right way. The rails are being laid. The gatekeepers are losing control. Know What You Hold!

🚨 THIS IS BIG. CONNECT THE DOTS. 🚨 After speaking at the World Economic Forum, Donald Trump said he looks forward to signing the Market Structure Bill to unlock financial freedom for Americans, or China will dominate this market. Then the White House Crypto Czar David Sacks confirms it: "Once market structure legislation passes, banks will get fully into crypto… They’ll be deep in the stablecoin business to offer yield and stay competitive." Here’s what most people are missing 👇 This is NOT Banks vs Crypto. It’s Centralized Middlemen vs Decentralized Access. What the bill actually unlocks: ▫️ Community banks & credit unions onboarding digital assets ▫️ Regulated on-ramps into DeFi ▫️ Stablecoin yield earned on-chain, not parked on centralized exchanges ▫️ Capital in motion, not idle custodial yield Credit unions don’t have shareholders. They’re owned by the people. That means: ▫️ Higher yields ▫️ Lower fees ▫️ Direct access to DeFi ▫️ No need to trust a centralized exchange acting like a bank Meanwhile, some centralized exchanges are pretending to fight banks… while quietly partnering with big banks and recreating the same old system. ⚠️ If you’re earning 3–4% on a centralized exchange, wait until community banks + DeFi rails go live. This is mainstream integration, but done the right way. The rails are being laid. The gatekeepers are losing control. Know What You Hold!

Echo 𝕏

167,873 views • 7 months ago

The Changing World Order: USD Stablecoins 0:14 Crypto was supposed to kill the dollar 0:54 98% of the $300B stablecoin market is dollars 1:50 People trust their own currency even less than the dollar 2:55 Stablecoins don't compete with the dollar, they give it an API 3:37 Washington flips: the GENIUS Act makes it official 4:44 How stablecoins turn foreign savings into US debt demand 7:03 Euro stablecoins are a rounding error 7:56 Dollarization at internet speed 8:57 Most stablecoins aren't decentralized money 10:09 A stablecoin is only as stable as its reserves 11:12 Stablecoins are checking, Bitcoin is savings 12:42 A win for the US, but not an unconditional one

The Changing World Order: USD Stablecoins 0:14 Crypto was supposed to kill the dollar 0:54 98% of the $300B stablecoin market is dollars 1:50 People trust their own currency even less than the dollar 2:55 Stablecoins don't compete with the dollar, they give it an API 3:37 Washington flips: the GENIUS Act makes it official 4:44 How stablecoins turn foreign savings into US debt demand 7:03 Euro stablecoins are a rounding error 7:56 Dollarization at internet speed 8:57 Most stablecoins aren't decentralized money 10:09 A stablecoin is only as stable as its reserves 11:12 Stablecoins are checking, Bitcoin is savings 12:42 A win for the US, but not an unconditional one

The Wolf Of All Streets

123,771 views • 6 days ago

We sat down with Matt Hougan at Breakpoint to talk about what happens when Wall Street finally starts to pay attention to stablecoins. Almost no one in traditional finance cared until the GENIUS Act. Now the Treasury Secretary is projecting a market repricing to $3.7 trillion. The question institutions are asking: how do I actually invest in this? That's what Bitwise has filed to build. As CIO managing over $15 billion in assets, Matt breaks down the stablecoin ETF filing — half crypto protocols like Solana and Ethereum, half companies like Circle and Coinbase 🛡️ — designed for investors who know stablecoins are going to be big but don't know where the value will accrue. Key Moments: 04:18 - "Almost no one cared until the GENIUS Act" 06:55 - "Robbed of the interest income for the last hundred years" 08:30 - Why the GENIUS Act timeline matters 10:38 - The stablecoin ETF thesis and filing 14:26 - Tokenization: $68 trillion in US equities 18:14 - Why stablecoin economics mirror Charles Schwab's profit model 21:55 - Solana's role in internet capital markets 23:48 - The Solana thesis: two bets at once Recorded at Solana Breakpoint 2025

We sat down with Matt Hougan at Breakpoint to talk about what happens when Wall Street finally starts to pay attention to stablecoins. Almost no one in traditional finance cared until the GENIUS Act. Now the Treasury Secretary is projecting a market repricing to $3.7 trillion. The question institutions are asking: how do I actually invest in this? That's what Bitwise has filed to build. As CIO managing over $15 billion in assets, Matt breaks down the stablecoin ETF filing — half crypto protocols like Solana and Ethereum, half companies like Circle and Coinbase 🛡️ — designed for investors who know stablecoins are going to be big but don't know where the value will accrue. Key Moments: 04:18 - "Almost no one cared until the GENIUS Act" 06:55 - "Robbed of the interest income for the last hundred years" 08:30 - Why the GENIUS Act timeline matters 10:38 - The stablecoin ETF thesis and filing 14:26 - Tokenization: $68 trillion in US equities 18:14 - Why stablecoin economics mirror Charles Schwab's profit model 21:55 - Solana's role in internet capital markets 23:48 - The Solana thesis: two bets at once Recorded at Solana Breakpoint 2025

Stabledash

28,855 views • 7 months ago

$315 BILLION in stablecoins are now backed by US Treasuries. And I don't understand why no one's questioning this. Goldman's David Solomon and former Treasury Secretary Steve Mnuchin just did a victory lap on stablecoins. Their pitch: Stablecoins strengthen the dollar, create demand for Treasuries, make it easier for people outside the United States to hold dollars. Sounds great. Until you look at what's actually happening underneath... The GENIUS Act passed in July 2025. First federal stablecoin framework in US history. Stablecoin market cap has grown 50% year over year. Tether alone holds $141 billion in US Treasuries, making it one of the largest holders of American government debt on the planet. Washington's pitch is simple: every time someone in Argentina, Turkey, or Nigeria buys USDT, they're buying Treasuries by proxy. Dollar dominance strengthened. Problem solved. And here's the part they REALLY love... The US ran an $1.8 trillion deficit in fiscal 2025. CBO projects $1.9 trillion this year. National debt just crossed $39 trillion. Interest payments alone now exceed $1 trillion annually. Meanwhile, the biggest foreign buyers of Treasuries (China, Japan, Canada) have been pulling back for years. ARK Invest found that the share of Treasuries held by the largest foreign creditors dropped from 23% to just over 6% in the past 13 years. The Fed is STILL running down its balance sheet. So who's going to buy all this debt? Washington's answer: stablecoin issuers. Treasury Secretary Bessent said it himself: "A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries and help rein in the national debt." Think about what that actually means. The government is counting on a $315 billion crypto product (run largely by a company in El Salvador that just got its first real audit last week) to help finance a $1.9 TRILLION annual deficit. Stablecoin issuers currently hold less than 2% of outstanding Treasury bills. Even if the market hits $2 trillion by 2028 like Standard Chartered projects, that's still just a rounding error against $39 trillion in total debt. This is literally a NARRATIVE designed to make the debt problem sound manageable. But the Federal Reserve published a study showing that for every $1 that moves from bank deposits into stablecoins, bank lending contracts by roughly 50 cents. Stablecoin issuers can't make loans. The GENIUS Act prohibits it. They can ONLY hold Treasuries, reverse repos, and cash equivalents. So when deposits leave banks and flow into stablecoins, that money stops funding mortgages, small business loans, and commercial credit. It starts funding government debt instead. The US Treasury itself estimated stablecoins could drain up to $6.6 TRILLION from the banking system. That's not "strengthening the dollar." That's redirecting the lifeblood of the real economy into government IOUs while starving Main Street of credit. And then there's the run risk nobody wants to discuss. Fed Governor Michael Barr said it yesterday: Stablecoin issuers have every incentive to chase higher returns on their reserves. But unlike banks, they CANNOT access the Fed's discount window. If a stablecoin run happens, issuers dump Treasuries into the market all at once. Stablecoin inflows push Treasury yields down 2-2.5 basis points. Outflows spike yields UP 6-8 basis points. Easy in. Ugly out. Meanwhile, Tether is the 800-pound gorilla. $185 billion in circulation. 550 million users. And until last week, it had never had a Big Four audit. It just hired KPMG after 12 years of operating with nothing but quarterly attestations. This is the entity Wall Street is celebrating as the future of dollar dominance. A company headquartered in El Salvador that fought transparency in court twice and LOST both times. Here's what Solomon and Mnuchin are actually telling you if you listen carefully: Stablecoins create captive demand for short-term US government debt. Foreign governments don't want to hold Treasuries anymore. So Washington's solution is to get 550 million retail users in emerging markets to hold them instead through a digital wrapper called a "stablecoin." The holders get zero interest. The GENIUS Act explicitly prohibits it. The issuers pocket the Treasury returns. Tether made $10 billion in profit last year. And the real economy loses credit while the government gets cheaper funding. This is a classic Wall Street pitch to sell financial innovation as progress: "This strengthens the system. This is good for everyone." Then the leverage builds, the risks concentrate, and the people who sold you on it are nowhere to be found when it unwinds. Stablecoins are NOT saving the dollar. They're a $315 billion shadow money market fund with no Fed backstop, no deposit insurance, and run dynamics that could destabilize the very Treasury market they're supposed to support. If you want to hold dollars, hold dollars. If you want to own the asset that central banks are actually buying instead of Treasuries, you already know what that is... 🥇

$315 BILLION in stablecoins are now backed by US Treasuries. And I don't understand why no one's questioning this. Goldman's David Solomon and former Treasury Secretary Steve Mnuchin just did a victory lap on stablecoins. Their pitch: Stablecoins strengthen the dollar, create demand for Treasuries, make it easier for people outside the United States to hold dollars. Sounds great. Until you look at what's actually happening underneath... The GENIUS Act passed in July 2025. First federal stablecoin framework in US history. Stablecoin market cap has grown 50% year over year. Tether alone holds $141 billion in US Treasuries, making it one of the largest holders of American government debt on the planet. Washington's pitch is simple: every time someone in Argentina, Turkey, or Nigeria buys USDT, they're buying Treasuries by proxy. Dollar dominance strengthened. Problem solved. And here's the part they REALLY love... The US ran an $1.8 trillion deficit in fiscal 2025. CBO projects $1.9 trillion this year. National debt just crossed $39 trillion. Interest payments alone now exceed $1 trillion annually. Meanwhile, the biggest foreign buyers of Treasuries (China, Japan, Canada) have been pulling back for years. ARK Invest found that the share of Treasuries held by the largest foreign creditors dropped from 23% to just over 6% in the past 13 years. The Fed is STILL running down its balance sheet. So who's going to buy all this debt? Washington's answer: stablecoin issuers. Treasury Secretary Bessent said it himself: "A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries and help rein in the national debt." Think about what that actually means. The government is counting on a $315 billion crypto product (run largely by a company in El Salvador that just got its first real audit last week) to help finance a $1.9 TRILLION annual deficit. Stablecoin issuers currently hold less than 2% of outstanding Treasury bills. Even if the market hits $2 trillion by 2028 like Standard Chartered projects, that's still just a rounding error against $39 trillion in total debt. This is literally a NARRATIVE designed to make the debt problem sound manageable. But the Federal Reserve published a study showing that for every $1 that moves from bank deposits into stablecoins, bank lending contracts by roughly 50 cents. Stablecoin issuers can't make loans. The GENIUS Act prohibits it. They can ONLY hold Treasuries, reverse repos, and cash equivalents. So when deposits leave banks and flow into stablecoins, that money stops funding mortgages, small business loans, and commercial credit. It starts funding government debt instead. The US Treasury itself estimated stablecoins could drain up to $6.6 TRILLION from the banking system. That's not "strengthening the dollar." That's redirecting the lifeblood of the real economy into government IOUs while starving Main Street of credit. And then there's the run risk nobody wants to discuss. Fed Governor Michael Barr said it yesterday: Stablecoin issuers have every incentive to chase higher returns on their reserves. But unlike banks, they CANNOT access the Fed's discount window. If a stablecoin run happens, issuers dump Treasuries into the market all at once. Stablecoin inflows push Treasury yields down 2-2.5 basis points. Outflows spike yields UP 6-8 basis points. Easy in. Ugly out. Meanwhile, Tether is the 800-pound gorilla. $185 billion in circulation. 550 million users. And until last week, it had never had a Big Four audit. It just hired KPMG after 12 years of operating with nothing but quarterly attestations. This is the entity Wall Street is celebrating as the future of dollar dominance. A company headquartered in El Salvador that fought transparency in court twice and LOST both times. Here's what Solomon and Mnuchin are actually telling you if you listen carefully: Stablecoins create captive demand for short-term US government debt. Foreign governments don't want to hold Treasuries anymore. So Washington's solution is to get 550 million retail users in emerging markets to hold them instead through a digital wrapper called a "stablecoin." The holders get zero interest. The GENIUS Act explicitly prohibits it. The issuers pocket the Treasury returns. Tether made $10 billion in profit last year. And the real economy loses credit while the government gets cheaper funding. This is a classic Wall Street pitch to sell financial innovation as progress: "This strengthens the system. This is good for everyone." Then the leverage builds, the risks concentrate, and the people who sold you on it are nowhere to be found when it unwinds. Stablecoins are NOT saving the dollar. They're a $315 billion shadow money market fund with no Fed backstop, no deposit insurance, and run dynamics that could destabilize the very Treasury market they're supposed to support. If you want to hold dollars, hold dollars. If you want to own the asset that central banks are actually buying instead of Treasuries, you already know what that is... 🥇

George Noble

90,823 views • 5 months ago

Chairman of the Freedom Caucus, Rep Andy Harris confirms what the plan was to pay for this 1500 page CR spending bill Congress was going to print more money and have you pay for it with inflation (I’m serious) “When we do deficit spending, we're printing money, we are causing inflation” “The process is broken” They didn’t even have a resolution lined up to figure out how to pay for this bill, “Vote on a 1,500 page bill in less than 24 hours that spends $110 billion, adds $110 billion to the deficit without the opportunity to offer an amendment to perhaps pay for this bill.” The plan was literally to print money and have you pay for it with inflation, straight from Congress themselves

Chairman of the Freedom Caucus, Rep Andy Harris confirms what the plan was to pay for this 1500 page CR spending bill Congress was going to print more money and have you pay for it with inflation (I’m serious) “When we do deficit spending, we're printing money, we are causing inflation” “The process is broken” They didn’t even have a resolution lined up to figure out how to pay for this bill, “Vote on a 1,500 page bill in less than 24 hours that spends $110 billion, adds $110 billion to the deficit without the opportunity to offer an amendment to perhaps pay for this bill.” The plan was literally to print money and have you pay for it with inflation, straight from Congress themselves

Wall Street Apes

153,355 views • 1 year ago

Interview with World Liberty Financial Zach Witkoff CEO Zach Witkoff on Fox Business ☝🏻🦅 The most important points from the interview WLFI 👇🏻 Vision We fully support the president’s agenda to make America the crypto capital of the world Banks vs Crypto If you actually look at deposit flight over the past year you haven’t seen it at all Some of the bigger banks have actually seen deposits come into the bank Stablecoins We’re really just talking about a digital dollar here Stablecoins allow you to earn up to 3% to 3.5% backed by US Treasuries one to one $USD1 Growth We’ve grown to over 4.5 billion in just under a year The business is doing well over 150 million in annualized revenue Future of Payments We believe we’ll live in a world where agents are transacting and paying one another Global Impact This will help ensure that the US dollar will remain the reserve currency Tokenization I do believe that most markets and most assets will be tokenized in the future Watch full interview 👇

Interview with World Liberty Financial Zach Witkoff CEO Zach Witkoff on Fox Business ☝🏻🦅 The most important points from the interview WLFI 👇🏻 Vision We fully support the president’s agenda to make America the crypto capital of the world Banks vs Crypto If you actually look at deposit flight over the past year you haven’t seen it at all Some of the bigger banks have actually seen deposits come into the bank Stablecoins We’re really just talking about a digital dollar here Stablecoins allow you to earn up to 3% to 3.5% backed by US Treasuries one to one $USD1 Growth We’ve grown to over 4.5 billion in just under a year The business is doing well over 150 million in annualized revenue Future of Payments We believe we’ll live in a world where agents are transacting and paying one another Global Impact This will help ensure that the US dollar will remain the reserve currency Tokenization I do believe that most markets and most assets will be tokenized in the future Watch full interview 👇

AB 🔶

122,987 views • 4 months ago