🇺🇸🏦 U.S. T-bills are currently tokenized by both incumbents (BlackRock, Fidelity, etc.) and crypto-native startups (@ethena_labs, @centrifuge, etc.).Another multi-trillion dollar TAM 👇 https://t.co/FK9cUTZzrJ ...

🇺🇸 INSIGHT: James Lavish says the U.S. Treasury is pushing for rate cuts because with so much government debt in short-term T-bills, every 25bp cut reduces annual interest costs by about $25 billion. https://t.co/hZSCTyFaR3 ...

So Jeffrey, you you so rightly told me last time that you were looking for a steeper yield curve. Um, and it's exactly what what we've gotten as you alluded to that. Why do you think rates have backed up on the long end the way that they have >> people are worried about the interest expense on the Treasury debt and they're worried about the fact that the budget deficit is 6.2% 2% of GDP while we're in an extended economic expansion.So they're worried that the interest expense is going to be out of control b ...

Market Demand for BTC Exposure - Money market funds, short-term T-bills, commercial paper, and USD bank accounts show the highest demand for BTC exposure [1] - These are short duration capital sources with low/no lockup, yield-starved in real terms for decades [1] - The total addressable market (TAM) is $329 trillion [1] Investment Preference - Offerings with the shortest effective duration appear to have had the largest initial IPO, indicating a preference for shorter-term investments [1]

Stablecoin Bank Models - A stablecoin bank could resemble a narrow bank, where deposits are 1:1 backed with T-bills [1] - From a user experience perspective, customers would interact similarly to current payment methods, such as tapping a piece of plastic [1] - Transactions would function as wallet-to-wallet transfers [1] Challenges and Concerns - If a stablecoin bank (or a narrow bank) becomes large enough, the Federal Reserve and Treasury would likely be concerned [1] - This concern stems from the potential impact on banks operating under the fractional reserve model, which affects the Fed's monetary policy implementation and money creation [1] Fractional Reserve and Lending - A banking license is needed to issue loans [2] - If a stablecoin isn't backed 1:1 by true dollars, then it's not really a stablecoin anymore and defeats the whole purpose [2] - A stablecoin could be created and issued by a federally chartered bank (that has a Master Account) which operates a fractional reserve model, known as the "deposit token" model [2] Potential Benefits - Customers could automatically earn T-bill yield on their deposits [2] - Credit issuance itself could be done in stablecoins [2]