Crowd out.
Banks > Stablecoins > UST
which by default means investment into the economy goes down so govt can gorge on debt. 😩🤢

Some economic commentators suggest that stablecoin growth just shifts Treasury demand from one place to another with no "new" additive demand. BUT, is this true?
Banks use about 10% of their deposits buy US Treasuries. (Source: https://federalreserve.gov/releases/h8/current/default.htm…)
Stablecoins are

Peter Ryan

Twitter

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