@fehrsam
Thesis:
- Stablecoins $150bn market cap
- Probably mostly held in Treasuries
- ~#16 on list of US Treasury holders today
- Largest holders today: Japan $1.1tn, China $770bn (and declining)
- Stablecoins will 10x in market cap in ~10 yrs
- This could make stablecoin issuers one of largest global holders of Treasuries
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