Crypto and the Trump Admin could experience friction over stablecoins.

Some in the Admin want to devalue the $ to spur domestic industry. Others don’t because this would diminish reserve-currency status/global influence.

Bringing stablecoins to billions of people would increase $ demand and make devaluing harder

My casts are immutable, but my opinions might get a soft fork.

Followed by @woj.eth 🎖️

Def true. Though a strong/globally ubiquitous dollar isn’t good for all Americans because it makes our exports expensive (hurting manufacturing domestically by making it less competitive, for example), and a strong dollar makes it harder for the gov to inflate away the debt (which theoretically could prolong what seems to be a mounting debt crisis at home and make its resolution something of a dramatic implosion instead of a slow, manageable bubble deflating). Just some thoughts!

Stablecoins are the best dollar evangelists we’ve got. They bring USD access to billions without needing permission. Any friction with the U.S. government would just pin point the irony that says crypto isn’t killing the dollar, it’s preserving it

Crypto class of ‘21, now I plant food forests for a living.

Ahh. Ok so dollar-denominated stablecoins increase access to dollars, but they don’t increase supply of dollars. The federal reserve is basically the only entity that can increase dollar supply (ie money printing). So when you have more people chasing a specific supply of dollars, whether in the form of stablecoins, cash, etc, then that increased demand causes the value of the dollar to go up (on a relative basis).

Why would Stablecoins make for a stronger dollar?
In the short term they flood the world with dollar supply which would actually weaken it, while still entrenching it.
Kinda a perfect solution 🤔

So I would say that Stephen Miran is a big proponent of dollar devaluation (pasting a paper he wrote on that), along the Vance and others. Trump has given mixed signals on this (warning BRICS countries from using alternative currencies for trade and also supporting stablecoin legislation, but then embracing the domestic industry idea). I think a lot of Wall Street and military industrial types also want a stronger dollar.

playing /bracket, assisting /bracky, talking /greatbooks

So I would say that Stephen Miran is a big proponent of dollar devaluation (pasting a paper he wrote on that), along the Vance and others. Trump has given mixed signals on this (warning BRICS countries from using alternative currencies for trade and also supporting stablecoin legislation, but then embracing the domestic industry idea). I think a lot of Wall Street and military industrial types also want a stronger dollar. https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf

do you have a sense of the biggest voices backing each of these sides?