Stablecoins could help the dollar remain the world’s No. 1 reserve currency — but not through Treasury-bill buying
1. Stablecoins may enhance the dollar's reserve currency status, not as expected. 2. Investors moving funds into stablecoins buy short-term U.S. Treasury bills. 3. Falling T-bill yields are tied to expected Fed interest rate cuts. 4. Link exists between stablecoin demand and banks, affecting UST demand. 5. Dollar stablecoins could challenge euro and RMB internationalization efforts.