> those trilions and trilions of dollars of stablecoins sure are bringing down the us' cost to borrow

If you think trillions of dollars in de novo price-insensitive demand doesn’t move a market, even one as deep as the Treasury market, I’ve got a stablecoin to sell you.

Yes, trillions of dollars of new price-insensitive demand would move the treasury market. That's why I named that number! But, there just isn't that much value in stablecoins.