⚡️Little Black is back with insights! @CryptoHayes made three major points at the conference, summarizing them and discussing the underlying logic—

1⃣ The cryptocurrency bull market will last until 2028.

📍 As long as the U.S. fiscal deficit continues, new buyers are needed to absorb government bonds—stablecoins naturally have the impetus for expansion.

Therefore, based on this strategic motivation, the U.S. government will promote stablecoin policies, directing global dollar flows into a controlled stablecoin system, which will become a stable structural source of funds.

If stablecoins really grow to a scale of 10T, it would mean re-anchoring the foundation of the Crypto market in the U.S. fiscal system. In an environment where interest rates drop to 2%, it can complete the transition from a "speculative bull market" ➡️ to a "debt bull market."

2⃣ The real goal of the U.S.: to use stablecoins to reclaim offshore dollars, essentially an extension of financial hegemony.

📍 The past Eurodollar market was outside U.S. regulation; now, through stablecoins, the U.S. can control the offshore dollars that were originally in the Eurodollar market (10–13 trillion scale), re-integrating them and achieving fiscal control.

This means that the monetary policy space of other sovereign countries will be further compressed, especially for developing countries.

3⃣ DeFi becomes the new bond market: a large amount of stablecoin funds will seek on-chain yield scenarios.

📍 Little Black specifically named four projects that he believes will become major beneficiaries of DeFi and fund recipients—

Ethena: On-chain stable yield cornerstone (sUSDe).

Hyperliquid: New gameplay for contract liquidity and funding rates.

http://Ether.Fi: Restaking channel, accommodating institutional funds.

Codex: A new experimental ground for financial structures.

Arthur Hayes' logic can be summarized in one sentence:

U.S. fiscal deficit → Stablecoin expansion → Stable demand for U.S. bonds → Deepening global dollarization → Funds flowing into DeFi → Bull market continues until 2028.

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