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Peter Ryan @_PeterRyan on x 10.4K followers
Created: 2025-07-25 22:05:08 UTC
55/ This mirrored monetary power could diminish the effectiveness of the Fed to manage rates. In other words, the Fed pushing and stablecoins pulling cancels each other out. If stablecoins grow even more, their pulling could overpower the Fed.
US monetary policy and Treasury rates thus become a function of not just the Federal Reserve nor even market forces, but the centralized discretion of stablecoin issuers like Tether. If stablecoins are unbacked, then the effects on Treasury yields are not only sizable but artificial. Tether has still never undergone a professional audit.
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