Are Stablecoins beneficial to the US? I'd say yes. Here are the pros and cons:

Contra:
- Fully-reserved banking (Modus Operandi for Issuers) is expensive for the Fed with a high Interest on Reserve Balances (IORB)
- A Stablecoin Run - Systemic Risk. The Fed published a report in Sep '23 comparing Stablecoins to MMFs

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- Reduced Control over Dollar Flows can limit the enforcement of sanctions and AML measures
- Contrarian to the current Quantitative Tightening Policy

- Competition in Global Regulation. Stablecoins are global by nature. Multiple top-tier jurisdictions, including Singapore, Hong Kong, and Japan have pioneered legislation
- Inevitability. It is not a question of whether the digital money revolution will occur but rather how soon.

In hindsight, it will likely be clear that money should have worked like the internet. We'll look back at this like we do on long-distance calls today. Publishing an in-depth piece on the topic soon.

Pro:
- Debt Absorption. Stablecoins are set to become the largest holder of US Treasuries. Crucial in times of declining foreign appetite
- Dollar Proliferation and Dominance. Dollar demand & usage in EMs is (quietly?) blowing up through Stablecoins