Stablecoins now hold more U.S. Treasuries than Saudi Arabia, South Korea, Germany, and the UAE. With the Genius Act in play, this will only grow & extend the lifeline of defective money. That said, stablecoin issuers and Bitcoin treasury companies are going to be prime targets for a soft nationalisation like what happened to Intel.
Maybe circle, which is only 1/5 of stablecoin market...Tether is private and will probably dominate in the coming years because:
1. no one in the USA has a use for stablecoins
2. no one outside of the USA would use circle when Tether is much more widely accepted - maybe the USA will figure out how to hobble Tether
3. as pointed out by Saifedean Ammous, there is not enough bank deposits in the entire world that would make a tiny dent in US debt even if they were all bagholders - scamming all of them into stablecoins would lower government interest by a fraction of a %
--nationalization of Strategy (the only treasury company that matters):
by the time enough people in government realize what is happening with Bitcoin- lets say 10 years from now when most of the dinosaurs are dead and replaced - Strategy's board of directors will be picking the presidential cabinet, just like Citigroup did in 2008 for Obama. In otherwords, it will be too late to nationalize Strategy when they are already running things.
Interesting view, what i see as more plausible is more banks and asset managers like Blackrock becoming stablecoin issuers since the regulatory framework for this now exists in Genius. The likes of Circle and Tether may still maintain their lead for now but eventually their US operations will either be nationalized or just like the banks, they will be brought into the money printing cartel, where they will be an extension of Fed policy. Their end game is when they become the de-facto CBDC's. As for Strategy, i foresee a EO6102 coming down on corporations like them anytime soon, if it hasn't already behind closed doors. All of this could be wrong but still curious to see how it unfolds.
there is almost no demand in the US for stablecoins...the only natural demand is for a very small niche of people to buy from sanctioned countries, and then its Tether on Tron - they aren't interoperable, which also almost eliminates their utility
as far as EO6102 on bitcoin or against Strategy, you give the flunkies in government far too much credit - none of them (at least the ones that matter) will see what is coming until it is already here, and they will simply be bewildered at how it happened
