The growth of regulated, dollar-backed stablecoins will significantly increase the demand for US Treasuries as they are used as the backing assets for these tokens.

“It it exponentially increases the total addressable market for treasuries because I'm I want US dollars on my mobile phone to transfer money. I don't care what you do with the US dollars but you are forced. You're not forced actually. You want to get interest. So what do you do? You buy treasuries.”