[delabay]

This number will continue to climb and I am confident before the decade ends, stablecoins broadly will be the largest holder of US debt. The interests are fully aligned between the issuers and US govt - issuers keep the interest, US has a price insensitive buyer of debt.

This is ultimately good for the world, good for democracy, and good for the downtrodden and underprivileged members of corrupt countries such as Nigeria, Venezuela, Lebanon, and Turkey, who have suffered their own currency crises to the great detriment of their citizens. With only an Internet connection, US dollar stablecoins give them property rights which can't be voided through an act of the corrupt ruling class.

Before the tether truthers come out, update your priors. This industry is very different than it was in 2015. It has grown up substantially. The GENIUS act is the largest banking and financial reform of the last 100 years, and the consequences will shape the 21st century and local currencies globally.

[argomo]

What happens to these people if, hypothetically, a malicious U.S. president subverts the Federal Reserve and wildly inflates the dollar?

[crazygringo]

The point is that this is massively less likely to happen than with their local currency.

If the dollar starts undergoing wild inflation, then the whole world has a whole lot of problems, not just stablecoins.

[actionfromafar]

Something much, much less unpleasant than what will happen to the rest of us.

[SoftTalker]

He's tried. He can't.

[mamonster]

> US has a price insensitive buyer of debt.

>This is ultimately good for the world, good for democracy, and good for the downtrodden and underprivileged members of corrupt countries such as Nigeria, Venezuela, Lebanon, and Turkey.

Wow, US has found a gold mine: The super full wallets of Venezuelans, Nigerians and Lebanese! They will buy a trillion of USDT to prop up US debt!

[delabay]

Unironically yes, and their communities will prosper as a result. I see no problem here.

[actionfromafar]

Yes, Trump now says he got 22 trillion dollars from foreigners! It's increasing all the time.

[MangoToupe]

> good for the downtrodden and underprivileged members of corrupt countries such as Nigeria, Venezuela, Lebanon, and Turkey, who have suffered their own currency crises to the great detriment of their citizens.

Well, except that it ties them to USD, an ultimately doomed currency. The short-term interests are aligned, but they'd be better off with a locally-managed currency and simply banning the USD from being held by either the state or any of its representatives.

[delabay]

"Better off with a locally managed currency" wow, please research the counties I mentioned for five minutes.

It's a luxury opinion to view the USD as trash. It means you have options. USD is the best many people in the world can hope for.

[optimalsolver]

Was this comment sent from an office in the Cayman Islands, by any chance?

[FireBeyond]

Not a chance.

Tether and their "original" "bank" were in The Bahamas, not the Caymans!