@sherlockg
The penny has finally dropped. I can’t believe I didn’t see this sooner.
If regulated stablecoins hold T bills and pass yield through, the US Treasury has created a new distribution channel for debt via $UST.
That is disintermediation in real time.
That is why big banks hate the Clarity Act.
If this plays out, $JPM either adapts or shrinks. Frankly, they probably need to buy $COIN before their distribution advantage erodes.
Banks currently sit between savers and the sovereign. Stablecoins remove that layer. Cash becomes a tokenised $UST wrapper.
This is the first domino of tokenisation.
Not just exchange traded assets.
OTC is next.
Credit.
Private markets.
Everything.
Stablecoins are the on ramp.
Tokenised Treasuries are the bridge.
Tokenised everything is the destination.
And once fiat becomes programmable, yield bearing, and natively digital, the flip side becomes obvious.
Scarce, non sovereign assets reprice.
Fiat down.
$BTC up.
$ETH up.
Follow the incentives.
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