Post #2121

Stablecoins aren’t crypto cash anymore — they’re basically short-term U.S. Treasury funds wrapped in tokens. Recent report from IMF showed that USDT and USDC control ~90% of the market, and ~97% of all stablecoins are USD-denominated. In 2024 alone, they processed $23T in volume (+90% YoY), while backing shifted heavily into short-term Treasuries and reverse repos — with USDC’s reserves averaging just 14 days in maturity and yielding ~4%. A money-market fund running on-chain rails. Stablecoin growth now directly feeds Treasury demand, and crypto liquidity is increasingly tied to U.S. monetary conditions. The more stables scale, the more crypto becomes a distribution layer for the dollar.