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Brent Johnson on what everyone is missing about stablecoins

Dec 4, 2025
Guest
Brent Johnson
Brent Johnson, CEO of Santiago Capital and a macro strategist known for his dollar milkshake theory, dives deep into the world of stablecoins. He discusses how stablecoins could reinforce the dollar's supremacy while complicating currency dynamics globally. Brent explores the historical role of money as a tool of state power, the libertarian views on currency, and how the adoption of stablecoins may reshape banking. He also analyzes the geopolitical implications and responses from states wary of losing monetary sovereignty.
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INSIGHT

Stablecoins Connect Money And Power

  • Stablecoins sit at the intersection of money, power, geopolitics and individual freedom.
  • Brent Johnson realized governments could co-opt stablecoin tech and wrote the report to explain that view.
INSIGHT

Money Emerges From Authority

  • Money historically emerges from hierarchical power, not just barter markets.
  • Brent Johnson argues governments create and enforce money because control enables survival and sovereignty.
INSIGHT

Stablecoins As Dollarization Tool

  • The US embraces stablecoins not primarily to sell treasuries but to dollarize other economies.
  • Dollar-denominated stablecoins can erode foreign monetary sovereignty and entrench US influence.
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