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The Chopping Block: Arthur Hayes on Why Crypto Needs to Ditch the Banks - Ep. 466
Unchained
The US Treasury Market, What Are They Worried About?
Yellen has said that the only market they really care about, which is the US Treasury market. The liquidity in the Treasury market has demonstratively diminished since the global financial crisis and all the regulations on banks have forced them to exit market making or primary dealing with it. That's what they're worried about. And so in my opinion, I wrote an article about this coming out I think now, is that the upper end of how large an aggregate US dollar stablecoins can get is going to be massaged to be a certain level. We need to find an alternative.
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