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Is crypto actually making the dollar stronger? The stablecoin numbers are messing with my head.
Announcing USPS.cash, USPS.music and U.S. Gamer: Paired Digital-Wallet and Competitive-Play Projects
So, blackrock chose ethereum to launch their tokenized money market
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Your read is basically the consensus among people who watch the flows, and you didn't get much wrong. Stablecoins park reserves in short-term Treasuries, the GENIUS Act hard-codes it, so the fastest-growing part of crypto is now a structural, price-insensitive buyer of US debt, and the EM adoption you describe is dollar distribution without a single overseas branch. That reads as dollar strength, not weakness. Two things I'd add, both data questions that are weirdly under-tracked. First, the interesting number isn't the $322B headline, it's the geography of the demand - how much of the growth is genuine EM savings and payments flow (Argentina, Nigeria, Turkey) versus trading collateral that never leaves exchanges. Those are very different for "is this real dollar export," and almost nobody publishes the corridor-level breakdown because it's hard to measure. Second, your redeem-at-once question is the right tail risk, and it's a liquidity-depth problem, not a solvency one: reserves in T-bills means the money exists, but T-bills aren't instant, so a fast mass redemption is a depeg / exit-liquidity event before it's ever a Treasury event - you'd see it in the coin's own market depth long before it touched the Treasury market. Disclosure: I work on market data at Coinpaprika/DexPaprika and we're building out stablecoin coverage, so the flow-geography and depth side is my bias.
They're not enthusiastic to do it, they're required to do so by law in the Electronic Funds Transfer Act (except in certain cases of negligence or fraud by the customer themselves). The GENIUS Act specifically chose not to apply this law to stablecoin transactions.
There's a law called the Electronic Funds Transfer Act that requires this of credit cards and the GENIUS Act chose to specifically not apply it to stablecoin transactions.
GENIUS NUMBER WOW!!!! better call to get scammed.
You, my dude are the GENIUS.
If we do, we can just borrow against our holdings and will never have to pay the loans back because the gains will outpace the interest. GENIUS!