WHY TRUMP'S TEAM IS BETTING ON STABLECOINS

Summary from the TLDR Crypto newsletter

Trump administration Fed governor Stephen Miran predicts that stablecoin growth from $280 billion to $2-3 trillion by 2028-2030 will create Treasury demand equivalent to one-third of Bernanke's 2005 "savings glut," potentially reducing US interest rates by 40 basis points as the Genius Act requires a 100% liquid dollar reserve backing. Tether and Circle already hold more Treasuries than Saudi Arabia or Germany. Most future adoption is expected in emerging markets that lack dollar access rather than domestically, where banks successfully oppose yield-bearing designs that would drain deposits. This strategy reinforces dollar hegemony against de-dollarization pressures but leaves Europe and non-US bond markets newly vulnerable as stablecoin adoption effectively privatizes seigniorage for global actors.