Stablecoins and tokenization may matter a lot for markets — but I don't think the "stealth QE" argument holds up I've spent a fair amount of time digging into the idea that stablecoins, tokenized Treasuries and tokenized collateral could effectively create a new liquidity cycle for financial markets. I originally thought the implications could be much closer to a form of "crypto QE." After going through the actual legislation, bank-capital rules, Treasury data, BIS research,
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