In the long term, with the adoption of stablecoins, wouldn't it make the bond market less sensitive to rate changes? If you need bonds to back your stablecoins, you would have to buy them at whatever price, wouldn't you? It seems like printing money would be shifted from the reserve banks to the banks issuing stablecoins. Governments would be forced to sell bonds to keep up with the stablecoin demand. What do you think?
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