What Is a Money Substitute?

In some markets, you've actually the treasuries, because their securities can be rehypothecated by a non bankt they are actually more valuable than cash. Only a bank can create fractional reserves against cash. And so that's part of it. And and another us government is guaranteed, or implicitly guaranteed. You know, we're seeing something really interesting developed in stable coins, because those are backed by us. Government obligations, usually treasuries. They’re meant to be backed one for one. The market looks at them both as risk free assets. It could become a three trillion dollar defacto money market fund which isn't going to be rehyp