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Will Stablecoins Turbocharge the Exorbitant Privilege?
From thinicemacroeconomics.substack.com
The Trump administration seems to be pinning a great deal of hope on the expansion of stablecoin demand to fund the federal fiscal deficit – such demand is one of the major official justifications offered by the US Treasury for shortening the average maturity of the debt (by issuing more Treasury bills while keeping the issuance of notes and bonds constant). (Incidentally, I maintain that shortening the average maturity of the debt is – also – a way of increasing pressure on the Fed to lower interest rates.) There is also some evidence that demand from stablecoins is already lowering interest rates on short ... (full story)
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