[mondrian]

Yeah. Stablecoins create demand for Treasuries which drives the price of Treasuries up and interest rate down. So this pressure lowers debt servicing cost for the US government, and Stripe is the holder of those Treasuries and gets paid interest.

This would also serve to counter the drop in global Treasury demand due to recent tariff stuff where presumably our traditional debt holders are losing appetite for US debt...

It also creates a kind of strange situation where stablecoins are basically spendable "Treasury tokens". So you give 1 USD to Uncle Sam (via a middle man like Stripe), get back 1 stablecoin. Then you go and spend the stablecoin, and Uncle Sam goes and spends the USD. It's like a weird double spend situation. Prior to stablecoins, you buy a treasury bill with USD, you hold this unspendable treasury bill while Uncle Sam gets USD to spend.

[boringg]

If the analogy you say is correct -- I think it makes sense in that its stripe that is actually the individual who is holding the treasury (short term debt) and the stablecoin user can spend it on something, and the US treasury can use the debt. At the end of the day stripe is holding the risk.