Can stablecoins reshape government debt markets?

Yes. Stablecoin issuers park reserves in short-term government securities, which quietly makes them major buyers of public debt. Igor Beuker has mapped the scenarios and argues policymakers, banks, and investors barely grasp what programmable money does at scale. The market is rewiring the plumbing of finance in public, and almost nobody reads the blueprint. He does.

Read the deep analysis in the Secret Vault.