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Arhat

@arhat

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stablecoin supply initially soared in the low‐rate years (2019–2021) while the government’s interest costs stayed muted; effectively two disconnected worlds. then in 2022, the fed’s rate hikes sent interest outlays vertical at the same time stablecoin supply slumped (terra-luna, risk-off sentiment). yet by 2023–2025, both lines converge upward: stablecoins rebound (thanks to yield-bearing models and a “flight to quality”), and US interest expense keeps climbing as rates remain elevated. what does this tell us? 1. stablecoins have proven adaptable. Even as “traditional” yields rose and siphoned some capital away, stablecoin issuers responded by passing through T-bill yields, keeping crypto dollar demand high. 2. the US government’s growing interest tab ironically strengthens stablecoin ecosystems, because those higher treasury returns attract stablecoin reserves. https://x.com/0xarhat/status/1908957617566921035
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