We're getting some news out of that AI event down in Washington. Aean Jabres joins us once again with that. Aean, Scott, that's right.Treasury Secretary Scott Bessant just wrapped up his remarks here with the All-In uh podcast. Folks, a couple of points here that I want to bring to you and apologies from for reading from my notes here, but because I want to get this right. He was talking about US treasuries and he said that the expectation is that the Chinese government will slowly divest over time but he s ...

President Trump today signing the landmark Genius Act into law. It's the first major piece of crypto legislation in US history. The bill boosting crypto further into the mainstream now offering a regulatory framework for a so-called stable coin in the economy.This is the Trump administration prepares to potentially sign another groundbreaking executive order paving the way for 401k retirement saving plans to invest in private assets. We're going to explain all this. So, what could these changes mean for you ...

Stablecoin Adoption & Market Impact - The stablecoin market is projected to reach trillions of dollars in adoption [1] - Stablecoin issuers are currently the 16th largest holders of US treasuries globally and are expected to become the largest, surpassing China and Japan [3] - Increased stablecoin adoption could significantly impact the US economy, especially concerning the national debt [4] Regulatory & Technological Advancements - The "Genius Act" is expected to pass, leading to a rapid implementation of tokenized dollars [2] - Each tokenized dollar issued will be backed by one dollar held in reserves, typically in US treasuries [3] - The current payment systems operate with outdated 20th-century technology, hindering efficiency [1] Efficiency & Productivity Gains - Stablecoins are expected to bring substantial efficiency gains and productivity growth to the macro environment [6] - Current payment mechanisms like Venmo can take 3-5 days for transactions to settle, highlighting the need for faster solutions [6] - Stablecoins facilitate productivity growth, moving beyond static wealth transfers [5]

Well, one of the investors profiled in the Big Short is not worried about the size of the budget deficit. Steve Eisman is host of the Real Eisman Playbook podcast. He's former senior portfolio manager at Newberger Burman.He joins us here on set. Um Steve, you said this before. It doesn't matter.People have been running against us for decades. 40 years. 40 years.When do you think will it. You know what I say about all this. Just stop.God's sake. You know, I'm gonna say this. Maybe it's a little too obnoxious ...

Circle's Valuation and Analyst Opinion - Bernstein initiated coverage on Circle with a price target of $230, $50 higher than the current price, considering it a must-hold for investors [1] - Concerns exist regarding Circle's valuation, which has increased by 500% since its IPO earlier this month [1] Stablecoin Market and Circle's Position - Stablecoins are viewed as digital dollars on the internet, evolving from a money rail for crypto to a broader internet money rail with implications for payments and financial services [3] - The stablecoin market is projected to grow from $225 billion to $4 trillion over the next decade, based on use cases in crypto, tokenized capital markets, payments, and financial services [4] - Circle, once the Genius Act is passed, is expected to be the largest regulated stablecoin, providing it with a regulatory edge and a significant head start over competitors due to its $61 billion of liquidity [4][5] Circle's Business Model and Revenue Streams - Stablecoins are now defined as payment stablecoins, 100% backed by demand deposits, bank deposits, repos, and US Treasuries, ensuring they maintain a 1:1 peg to the dollar [8] - Circle generates revenue by holding the yield against its stablecoin collateral and enabling infrastructure for the broader ecosystem, facilitating the use of digital dollars for payments and financial services [9] - Circle's revenue streams include float income, influenced by the rate environment, and fee income from the Circle payments network, which is expected to grow over the next 5-10 years [10] Future Growth and Demand - The total demand for stablecoins, driven by various use cases, is expected to offset potential declines in float income due to rate decreases [11][12] - The conviction in Circle's potential stems from the overall demand for stablecoins and the bottom-up industry demand [12]

Economic Outlook - The analysis suggests an acceleration of the ongoing slowdown in the global economy [2] - Policy flexibility, including that of the Federal Reserve, will be further limited [2] - Companies are reminded of the uncertainty in supply chains [2] US Treasury and Dollar - The role of US Treasuries in the global system is being eroded [2] - The world is overweight US Treasuries and the dollar, leading to reduced appetite for further accumulation [4] - There is no readily available substitute for the dollar, making the reduction in dependence a slow and gradual process [5][8] US Exceptionalism and Policy - The analysis indicates a loss of US exceptionalism and policy unpredictability [7] - Foreign investors are distinguishing between the sovereign side and the high-quality corporate side, showing less concern for the latter [8]