I disagree with @financelancelot… tapering the Fed’s ~$489B short-duration T-bill purchases won’t automatically push short yields higher. If those holdings effectively move to stablecoin issuers as reserves (as they scale issuance), private demand steps in to absorb the supply. Stables are already major buyers of short T-bills - this just accelerates it. On the government side: Fed holdings = net zero interest cost (Treasury pays Fed, Fed remits back). Stablecoin holders = Treasury pays interest out, but gets corporate tax revenue back on the issuers’ T-bill income. Plus the extra demand suppresses yields across the short end, expanding fiscal space. Net: better supply/demand balance, lower effective borrowing costs for the Treasury, and more tax revenue from stablecoin profits. Stables provide a structural bid the Fed was previously filling. This isn’t upward pressure… it’s market absorption replacing central bank absorption. $XRP, the clear winner of stablecoins and payments, is proving to be the answer to global liquidity problems. The off-ramp exists and is known by the people in charge.