"Crypto" Didn't Disrupt the Dollar. It Got Hired to Sell It.
The Dollar Merchants. Stablecoins, CBDCs, the GENIUS Act, and why regulated digital dollars like USDC are de facto privatized central bank digital currencies. Bitcoin, not crypto.Bitcoin is supposed to be an escape from fiat money that loses value forever. Somehow, the crypto industry that grew up around Bitcoin has become one of the best marketing distribution machines the US dollar has ever had, and the government loves it.
On January 23, 2025, Trump signed an executive order that prohibited the federal government from creating or promoting a central bank digital currency, because CBDCs "threaten the stability of the financial system, individual privacy, and the sovereignty of the United States," and in the very same order made it official US policy to promote dollar-backed stablecoins around the world. When the GENIUS Act was signed, Scott Bessent said stablecoins would buttress the dollar's status as the global reserve currency, expand access to the dollar economy for billions of people, and lead to a surge in demand for US treasuries. And Paolo Ardoino, the CEO of Tether, posted on X in February 2025, as Congress was debating stablecoin legislation: "USDT is the most successful tool for US dollar hegemony and distribution across emerging markets."
There is roughly $300 billion on stablecoin rails today. Compliant issuers hold reserves in cash and cash-equivalents like short-dated T-bills, directing more capital toward the short end of the treasury market. And the law makes the control structure explicit: the GENIUS Act defines lawful government orders that can require an issuer to "seize, freeze, burn, or prevent the transfer of" specified stablecoins. No company can switch off the Bitcoin in your own wallet. Circle can still freeze the USDC in your own hardware wallet. That is why I think calling regulated stablecoins de facto privatized CBDCs is pretty reasonable. Bitcoin, not crypto.
Chapters
0:00 The dollar's best marketing machine
0:41 What non-Bitcoin crypto became
0:57 Stablecoins and the eurodollar system
1:19 One executive order, two moves
2:06 Bessent states the reason
2:24 Tether's CEO says it out loud
3:05 The GENIUS Act reserve rules
4:09 What this means for the debt
4:43 Back to CBDCs
5:11 Bitcoin in your wallet vs USDC in your wallet
6:11 How we got here: $170 million
6:42 Orange-washing
7:21 Bitcoin, not crypto
#bitcoin #btc #stablecoins #cbdc #usdc #geniusact #digitaldollar #crypto #economics Receive SMS online on sms24.me
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