Sept 23: The Stablecoin Endgame?

Bitcoin is holding in the mid-$85,000 range as U.S. spot Bitcoin ETF demand remains strong, with roughly $714 million of additional inflows following Monday's nearly $1 billion. But today's main discussion comes from Bravo's Research, which lays out a theory connecting Treasury's long-duration debt management, greater reliance on short-term Treasury bills and the rapid growth of dollar stablecoins as a potential new structural source of T-bill demand. Treasury Secretary Scott Bessent has publicly said that stablecoin growth could strengthen the dollar and increase demand for U.S. Treasuries, although the specific three-step strategy discussed on the show is analysis rather than an announced Treasury policy.

Bravos: https://www.youtube.com/watch?v=u70oUWgVoYU&utm_source=chatgpt.com

Stablecoin infrastructure is also moving deeper into traditional finance, with SoFi migrating a card program expected to process more than $25 billion annually onto SoFiUSD settlement and six major Canadian banks exploring tokenized deposits. Coinbase has launched fixed-rate USDC loans backed by Bitcoin, the CFTC is warning exchanges about manipulation risks in prediction markets tied to what specific people say or do, and Solana's Alpenglow upgrade targets finality of roughly 150 milliseconds versus about 12.8 seconds today. Matt's broader takeaway is that crypto infrastructure is increasingly disappearing underneath conventional financial products, meaning many future users may interact with blockchain settlement without thinking of themselves as crypto users.

Happy HODLing

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