fun to watch stablecoin issuers go up in rankings of the world's largest holders of us debt.
issuers now hold more US treasuries than India. fiveyears ago they held zero.
today we measure usdt/eurc, soon it'll just be usd/eur. the branding is an artifact of early infra. stablecoins are only the beginning of what fiat's final form is.
Seems plausible that crypto market dynamics were an early tell of broader retail dynamics across all asset classes and what we are seeing today is nothing more than the memefication of everything.
In that sense, gold is beta not alpha.