I believe the landscape will shift starting in 2027; the Clarity Act comes into effect that January, and this will cause Tether’s business model to be replicated by the world’s largest companies—massive corporations buying up short-term debt in huge volumes, just as Tether does when issuing its stablecoin against collateral. Everyone is focused on what Bessent is doing and the much-discussed QE, but true QE will begin once these major companies start buying debt on a massive scale; yields will plummet, and we will see a scenario similar to 2021—though unrelated to money printing, as the dollar will be the most sought-after currency globally and will surge in value. Just imagine when X, Facebook, Amazon, JPMorgan, and others all offer their customers yield-bearing stablecoins—putting idle cash to work by purchasing debt—instead of letting that money sit stagnant. Interesting times lie ahead.
on Fed Decision in September? — No change
