Economics

Who holds US Treasuries and why US was so open to stablecoins?

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It's US Treasuries that enable stablecoins, so since "no one" is buying US Treasuries (well simplifying a bit), so US govt is very happy that stablecoin narrative is going so well and supply is expanding so fast. Stablecoins can actually save the US economy, at least in some near-term future.

There is also geopolitics. USD dominance is lowering. Stablecoins could allow to counterbalance.