@fehrsam
Will stablecoins become the world's largest owners of US Treasuries?
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It seems possible that crypto stablecoins become the largest holders of US Treasuries in the world. Putting up $1000 for the one layer deeper analysis to support or debunk that thesis.
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@wmougayar
Why single out US Treasuries?
I think the trend is toward a diversified basket of cash equivalent assets to back stablecoins.
Related thesis would be that Stablecoins will penetrate a diversified set of assets, so pick a range of low-risk asset classes & predict respective % Stablecoin ownership.
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@fehrsam
I agree with this nuance. One motivator was that US policymakers will care about a large sink for US Treasuries and it's a legible singular narrative. There's also a world where stablecoin issuers become "systemically important" beyond just US Treasury holdings, which I think is where we're headed.
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