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The private issuer, the sovereign, and the reserve manager reached the same conclusion about the dollar system from three different directions. The GENIUS Act wrote half of it into law and made the other half illegal.
The design space for making digital dollars run-proof is small, and every exit from it leads to a public balance sheet standing behind private money.
Stablecoins may solve America's Treasury-demand problem. In doing so, they could build the architecture for the next liquidity crisis.