"Code is Eating the Bank" 👇Here is the flow 1. Global users hold stablecoins 2. Stablecoin issuers buy US Tbills 3. US Treasury gets cheaper funding 4. Stablecoins pass yield to users 5. Inflation tax becomes irrelevant 6. Dollar dominance increases & debt is sustainable In this world, US ndoesn’t need 2% inflation to finance its debt. stablecoin becomes the new distribution rail for US sovereign debt, deepning tbill's demand in global collateral utility acting as a global saving acct & mmf This is why @Tether_to @circle @Anchorage @worldlibertyfi $USDT $USDC $USAT $USD1 are becoming instrumental macro actors in this monetary meta shift Above is a huge realization after meeting meet my biggest hero @CathieDWood irl, her insight that stablecoin can potentially rewrite the inflation target back to 0 is deeply first principled. Once the “inflation tax” disappears and bank deposit wholesalers cant rent seek on cash anymore, the old fiat incentive model breaks Code is eating the bank