How stablecoins are fueling a global US debt generalization

While US treasury bills are bought ~30% by foreign investors, afaik there is no public data what the geographic sources of onramp to US$ stablecoins are. My guess is its reverse: ~70% of stablecoins in circulation if not more originate from fiat currencies outside of the US. Esp, given the dominance of USDT which is strong in Asia, Latam, MEA, this kind of makes sense.

If you think this through: this means that stablecoins (with asymptotic 700m eurostablecoins) is primarily a generalization of US public debt among overseas investors. Not 100% sure about transparency of reserves but Tether is already 17th largest holder of US treasury bills). Moreover, the $ is already on its devaluation spree ( since start of year $ vs € has lost 14% already!) and the chap called Miran that Trump instantiated as Fed Governor wrote a paper in which he suggests US treasury bond holders should pay a fee to hold their bonds. Yes, pay a fee.

Once Powell‘s tenure in May 26 expires, (who lowered interest rates today without any knowledge of labor stats since Trump wont publish data on time anymore) its clear what will further happen. More devaluation of debt, more debt in itself (because they cant live without the debt pill anymore) higher monetary supply and so on and on. And btw there is 38 Trillion US government debt outstanding. If you add private and bank debt, its probably 2x.

Now, why am I writing this: while we as crypto people party on re stablecoin adaption which hopefully drives crypto mass adoption we have been waiting for for so long, it comes at a price of generalization of US debt onto overseas shoulders at a magnitude that gives me heartburn and crypto endorphin at the same time. And make no mistake, bank tradfi systems are so shitty, tokenization is just a matter of time.

And while we in Germany still hangon to our combustion engines like children who dont want to have their parents leave during their first Kindergarten days, the ECB is pushing a CBDC which might go live in 5yrs costing billions of euros - with a „big brother is watching you coin“ . In other words, US stablecoins imbalance, generalization of debt will be on our daily agenda while I will still keep dreaming about that one day I can pay my bills with Satoshi at the supermarket. Not sure if i am cynical here or still full of idealism