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Peter Ryan @_PeterRyan on x 10.4K followers
Created: 2025-07-25 21:57:27 UTC
53/ The dirty secret of the stablecoin strategy is that it directs global dollar flows that would otherwise never pass regulatory scrutiny into the Treasuries market. To whatever degree poor residents of the developing world use stablecoins, as high-minded crypto advocates suggest, to enjoy the stability of a dollar-based financial infrastructure they could never otherwise access, they can only do so because stablecoins don’t provide the same level of regulatory scrutiny that the traditional financial infrastructure does. This ostensibly humanitarian argument, in that sense, is also an admission of massive regulatory evasion. The US government is using this regulatory gap to enable speculative and dark cash flows to flood into the domestic economy and fuel demand for Treasuries, which in turn allows Washington to continue to accrue debt to finance spending even as the rest of the world turns away from its debt and dollar.
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