🤔 Arthur Hayes: Stablecoins as a Weapon of Pax Americana 🇺🇸💵
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📖 The main goal is to destroy the eurodollar system 🌍 ($10–13 trillion of offshore deposits), which the US does not control. After the 2008 crisis 📉, trust in the dollar fell: central banks increased gold reserves 🪙, while Treasuries have depreciated by ~80% against gold since 2009.
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💡 The solution is stablecoins 🔗:
The issuer accepts $ → buys T-bills 📑 → issues tokens 🪙.
Upon redemption, the tokens are burned 🔥, and the money is returned 💵.
The issuer earns a yield of 4–5% 📈.
👉 The US will support "proper" issuers, while offshore banks will remain without rescue ❌.
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🚀 For the crypto market: a supercycle begins until 2028 🌐🔥
Ethena ($ENA) → yield-bearing stable USDe (growth ×51) 📊
Ether.fi ($ETHFI) → financial supermarket and cards (growth ×34) 💳
Hyperliquid ($HYPE) → DEX that could outpace Binance (growth ×126) ⚡
Codex → payment and credit network 🏦
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🏛️ In politics: Trump and the team want to suck global deposits into stablecoins, ensure demand for Treasuries, and finance the deficit.
📌 Pax Americana will support Big Tech and issuers, while regulations will require reserves to be held in the US.
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✨ Conclusion: stablecoins are becoming the new global money 🌍.
