Yes. Stablecoins are absorbing US debt indirectly. That's why their regulation has been postponed by the Congress.
Avoid stablecoins if you are against sponsoring the big system.
I get that people are looking for a flight to safety and relative stability of the dollar is attractive to those of us who use 3rd world currencies
USDT has become this #eurodollar market for those who didn't have access to USD on traditional rails but what is the cost of this "stability" ?
While I hear so much talk about de-dollarisation on the state level, it sure does look like hyperdollarisation on the individual level, when you see how large #USDT is becoming, and all this demand feeds into buying US treasuries
Tether registered a record-breaking $4.52 billion in profit for Q1 and has $110 billion market cap, that's capital still in the dollar system, that could have migrated to Bitcoin
Does stablecoin issuers buying of treasuries get them to a point where they become too big to fail? Or will this be the largest honeypot that ends up being a biblical rugging of liquidity?
https://news.bitcoin.com/tether-q1-2024-attestation-reveals-record-4-52-billion-profits/
Discussion
Rather stablecoins than a failed auction I suppose, but i'm sure they have to be getting pretty cosy I think Tether holds more US treasuries than most countries.
I don't use stablecoins, I don't have a need for dollars, I know they were also popular with traders who want to park profits, but with crapto taxes becoming stricter, that offshore parking of dollars might not be that safe haven they once through it was
What failed auction?
You don't use stablecoins, but I bet you also don't use bitcoin to buy physical goods. Correct me if I'm wrong, good sir.
A treasury auction..
No, I don't use my Bitcoin to buy groceries, I also don't rip bricks out of my house or parts off my car to pay for groceries either, lol the shop wants fiat, what am I mean to do starve to prove a point?
Bitcoin is my store of value, Its the problem it solves for me, medium of exchange is handled by fiat and i am all too happy to get rid of fiat to acquire my groceries because time and fiat is a liablity, any fiat I don't need short term I'd convert into bitcoin
I aint a shlomo, I have no access to a treasury auction.
I actually use crypto to buy physical goods. A different kind of brick 😁
I thought you were my nigga, but you brought up the store of value bullshit. You have been demoted to a nigger.
Lol to each their own, I have no interest in what other people do with their money you do you, I'm trying to get out of their local currency and it stores value for me, and does well at that, just the reality
Besides I stopped being anyones nigger the moment I got property rights, mans on that F U money now