>With a supply around $320 billion, stablecoins are approaching the s…
>With a supply around $320 billion, stablecoins are approaching the size of the largest government money market funds by mirroring their structure: pegging assets to $1 and backing them with low-risk reserves like T-bills and repos
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>>3202 Private stablecoin companies like Circle (USDC) and Tether have quietly become some of the largest buyers of U.S. national debt in the world, giving tech executives immense leverage over the global economy. This sudden shift has sparked a fierce, behind-the-scenes war in Washington, where traditional Wall Street banks are aggressively lobbying Congress to legally ban crypto platforms from paying interest to everyday citizens. The banks are terrified that if the public can easily earn passive digital yield, trillions of dollars will instantly vanish from traditional checking accounts, causing a systemic collapse of the legacy banking system.