🏦 The 'conspiracy' of US stablecoins

Scott Bessent is reshaping dollar hegemony with stablecoins.

The traditional Eurodollar system ($10~13 trillion) has two fatal problems: scale is unknown + does not buy US bonds.

Solution: Redirect funds to on-chain USD stablecoins → These stablecoin issuers can only buy US government bonds.

🌍 Global South: The super potential market for stablecoins

After 2008, central banks around the world increased their gold reserves, and the trend of de-dollarization became evident.

But ordinary people still crave USD savings, especially in high inflation countries (like Argentina, Philippines).

With wallets on American social platforms like WhatsApp, Facebook, and Instagram, stablecoins will directly penetrate the private savings of the Global South.

Target market:

Eurodollar System: $10~13 trillion

Retail deposits in the Global South + Eurozone: $21 trillion

Total TAM ≈ $34 trillion

🪙 How stablecoins impact the financial system

Stablecoins = Narrow Bank model

Receive USD → Buy government bonds → Earn interest spread

Stablecoins like USDT become 'risk-free USD alternatives'

Regarding the Eurodollar: Once the US refuses to bail out overseas banks, funds will shift to on-chain stablecoins.

For the Global South: social media wallets + US sanctions → Local central banks can hardly stop it.

📈 Explosive opportunities in DeFi

Massive funds (T-bill → Stablecoins → On-chain) will seek yield scenarios.

DeFi will become the main direction for stablecoins:

Projects like Ethena, Ether.fi, Hyperliquid have been specifically mentioned

Staking stablecoins → Releasing part of the interest spread → Driving user and protocol growth

Hayes believes this will drive up the value of 'shitcoins' and initiate a new wave.

🎯 Conclusion: The US stablecoin conspiracy

Bessent's 'Buffalo Bill' strategy:

Strangling the Eurodollar system

Capturing deposits from the Global South

Stablecoins become a new weapon for the USD

Potential government bond purchasing power: $34 trillion

Final winners: Dollar hegemony, US Treasury, and the DeFi ecosystem