Stablecoins Could Grow To $34 Trillion Market, Arthur Hayes Says

Arthur Hayes, co-founder of BitMEX, says dollar-pegged stablecoins could become a central tool for U.S. monetary policy, absorbing trillions in offshore deposits and reshaping global finance.

What Happened: In his blog post on Aug. 27, Hayes argued that U.S. Treasury Secretary Scott Bessent may use stablecoins to redirect Eurodollar flows and Global South retail deposits into U.S. debt markets.

“Quickly, dollar-pegged stablecoin issuers will face an influx of $10 to $13 trillion, and subsequently purchase T-bills,” he wrote.

Hayes estimated that alongside Eurodollar flows, deposits from the Global South and eurozone could bring the total addressable market to $34 trillion.

“$10 …

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