Saw something interesting: stablecoins in the crypto space are being dollarized:

BlackRock plans to purchase 10% of Circle's IPO shares, Circle is the parent company of USDC.

Stablecoins are the crown jewels of the crypto industry, with the largest being Tether's USDT and Circle's USDC. It is said that 60% of Tether's issued stablecoins are pegged to U.S. Treasuries.

Looking at this, mainstream stablecoins are currently supporting U.S. Treasuries🤣