Fed's Waller flags stablecoins as a T-bill demand problem
Waller's framing pulls stablecoins out of the crypto silo and into the Fed's policy perimeter, where Treasury issuance, bank funding, and dollar liquidity all collide.
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Waller's framing pulls stablecoins out of the crypto silo and into the Fed's policy perimeter, where Treasury issuance, bank funding, and dollar liquidity all collide.
Bitcoin is sliding on geopolitics and a quiet $2.3B drain from exchange stablecoin reserves, and the catalyst calendar this week decides the next leg.