# stablecoins — X 热门讨论 (2026-10-08 15:09 UTC)
## @uquidcard (UQUID | Digital Commerce Infrastructure) · 10-08 14:03 · ♥68 ↻0 💬73 🤖 From one AI subscription to company-wide access, stablecoins can power the same payment flow at every scale.
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## @arbitrum (Arbitrum) · 10-08 14:27 · ♥88 ↻11 💬3 Arbitrum teams can now give users more ways to put their stablecoins to work with $USDG.
With @Morpho, teams can easily embed vault-based earning opportunities directly into their DeFi app, wallet, or trading platform.
Learn more:
https://t.co/29smjTTYR4 https://t.co/8kuzq2Kd0D https://x.com/arbitrum/status/2108202693034422381
## @Arifx0001 (ARIF) · 10-08 13:26 · ♥47 ↻1 💬55 I have been looking into @utexocom lately and the interesting part isn’t just stablecoins on Bitcoin.
Utexo is building a Bitcoin native execution and settlement layer for stablecoin payments.
That sounds technical, but the idea is pretty simple.
A payment operator shouldn’t have to deal with separate systems for execution, routing, liquidity and settlement every time a stablecoin payment moves.
Utexo is trying to bring those pieces together.
The stack is what caught my attention:
Bitcoin for the settlement and security anchor.
RGB for stablecoin issuance and transfers.
Lightning for fast payment execution.
Utexo sitting around these rails to coordinate the payment flow.
There’s also an important difference in how they approach fees.
Instead of making payment operators constantly worry about changing gas costs and network congestion, Utexo is designed around predictable protocol-level fees.
Then there’s privacy.
Payment execution can happen off chain, while cryptographic commitments can still be anchored to Bitcoin.
So the goal is not simply to make stablecoins run on Bitcoin.
It’s to build the infrastructure that can actually make Bitcoin-based stablecoin payments practical for payment operators.
And I think that distinction matters.
Because once stablecoin payments move beyond crypto users and start serving real businesses, things like:
predictable fees fast execution privacy liquidity simple settlement
become much more important.
That’s the part of Utexo I’m watching.
Not just the narrative.
The infrastructure underneath it. https://x.com/Arifx0001/status/2108187285087031382
## @0xPickleCati (Pickle Cat) · 10-08 14:30 · ♥65 ↻6 💬9 Trump recently said “certain levels of inflation” could help pay down the national debt “very rapidly.”
everyone laughed because lol sure, just inflate away $ 40T.
But if you put together what’s happening with Treasury yields, stablecoins, the GENIUS Act, Japan finally raising rates after decades of basically free money, and the insane amount of debt being raised for AI…
eyyy wait a second
what if the plan was never to pay the debt off?
look at GENIUS. if stablecoin reserves are held directly in Treasuries, those Treasuries have to mature in 93 days or less.
93 days lol
say $100 goes into USDT and the issuer parks it in a 3-month T-bill.
3 months later it matures, but the guy still owns his USDT. Tether still needs somewhere to keep that $100.
another T-bill.
3 months later?
“same again?”
now multiply that by a stablecoin market Treasury thinks could eventually reach several trillion dollars.
America just got a potentially enormous pool of money that keeps coming back to short-term debt.
now Trump’s inflation comment gets funny.
inflation is great when you borrowed at 2% for 30 years. years pass, the dollars you owe are worth less and the lender eats it.
try that with the 3-month guy.
his bill matures and he comes straight back like
“yea I saw the inflation numbers. what are you paying me now?”
so inflation can make yesterday’s debt cheaper while making tomorrow’s refinancing more expensive.
which makes repeat buyers pretty damn useful.
some guy in Argentina dumps pesos for USDT because he wants dollars.
he doesn’t care about Treasury auctions.
but if that’s new dollar demand, the issuer needs new reserves, and some of it ends up in T-bills.
guy loses faith in pesos, Washington gets a buyer.
incredible arrangement lol
and not all stablecoin growth is new demand. if I move $100k from a Treasury money-market fund into USDC, the money may already have been in government paper.
the interesting part is money that wasn’t in dollars before
people can now dollarize themselves with an app instead of waiting for their central bank to do it.
and THEN Japan starts making sense.
Japan spent decades near zero because it couldn’t get inflation going. yen became dirt-cheap funding and global finance borrowed it to buy higher-returning stuff elsewhere.
now Japan finally has inflation and the BOJ is hiking.
one of the world’s old pools of almost-free funding is getting more expensive right when America needs an absurd amount of capital.
and apparently Big Tech does too
Alphabet, Amazon, Meta, Microsoft and Oracle have issued roughly $220B of bonds over the past year while the AI buildout eats capital at a deranged rate.
government borrowing through the ceiling, AI companies borrowing hundreds of billions, rates around 5%.
you’re literally sleeping on a bed made of debt and leverage and somehow acting like this is fine???
apparently everyone is making the same bet: borrow now and hope whatever you’re building makes today’s debt look small later.
AI is the growth bet. stablecoins help keep buyers coming while everyone waits to see if it works.
which is a pretty funny place for crypto to end up.
it spent 15 years trying to escape the dollar system, and now its biggest product helps distribute dollars around the world while part of the reserves finance Washington.
maybe the next crypto bull market happens because crypto finally found product-market fit with the US government.
Ahhh how depressingly ironic > 引用 @0xPickleCati: if you trade stocks or crypto you should probably understand why the bond market is acting fucking possessed right now
because this is one of those boring looking things that decides whether your portfolio gets another liquidity sugar high or you end up selling feet pics to make rent
so lemme explain three things👇
1. why Treasury yields keep climbing 2. what actually makes them stop 3. why “yield down” can mean either AMAZING or OH FUCK for BTC and tech
quick refresher: people buy Treasuries, price up, yield down. people sell, price down, yield up.
so why did the 10Y hit ~5.3%, the highest since 2002?
basically everyone wants money at the same fucking time.
inflation is still above the Fed’s target, so the Fed has less room to cut. if short rates stay high, investors aren’t gonna lock money up for 10 years at some shitty low yield unless they think rates are about to fall hard.
Washington is issuing mountains of Treasuries to fund the deficit.
AI is another giant borrower. Alphabet, Amazon, Meta, Microsoft and Oracle have issued roughly $220B of debt this year to fund the buildout.
so Washington and Big Tech are standing in front of the same investors going:
“hi can I borrow an obscene amount of money pls 🥺🙏”
“sure. pay me more.”
the funny feedback loop is high yields partly come from fear the Fed stays tight, but once the 10Y gets high enough, mortgages and corporate borrowing get more expensive anyway.
the bond market starts doing some of the Fed’s choking for it.
and 5% is a BIG fucking difference.
for much of the post-financial-crisis era, the 10Y was way below this. during Covid it went below 1%.
now Uncle Sam is offering you around 5% on a 10Y like some formerly ugly guy who came back from summer break six feet tall with a trust fund.
the bond selloff starts fading when yields get high enough that buyers finally go “ok fine, THAT’S worth buying.”
around 5%+, pensions, insurers and bond funds start paying attention. then oil cools, jobs soften, Fed-hike odds drop, and suddenly it becomes:
“oh shit what if 5% doesn’t last?”
lock in ~5% today and similar bonds yield 4% later, yours gets more valuable. basically a rent-controlled apartment before the neighborhood blows up.
but yield down can mean two VERY different things.
inflation cools, oil behaves, the Fed backs off a little and the economy stays fine?
yields drift lower, boring bonds get less attractive, financial conditions loosen. great for stocks and crypto.
but yields also collapse when something breaks. recession, credit accident, whatever.
markets price aggressive Fed cuts, scared money runs into Treasuries, bond prices rip and yields fall while BTC can still be getting absolutely murdered.
so a falling 10Y by itself tells you almost nothing. slow bleed lower while inflation behaves? beautiful.
vertical collapse in three days? maybe check what caught fire before opening a 20x long.
this is why the $40T debt clock matters less for trading. everyone knows America owes a stupid amount of money.
what changes is the return investors demand to keep lending to it.
and when Treasuries pay 5%+, everything else has to compete. expensive tech, BTC, your shitcoin, all of it.
Treasury auctions are the live test: Washington puts more IOUs on the table and sees whether 5% is enough.
September’s 5Y auction was ugly as hell, weakest bid-to-cover in nine years with a ~3bp tail, and nearly another $120B of 3Y, 10Y and 30Y supply is coming through.
strong demand makes it easier for yields to come down. if buyers still want more, yields keep climbing.
the dream for your bags is incredibly boring:
yields slowly come down and nothing dies.
if they suddenly fall through the floor, maybe don’t celebrate too fast.
anyway. America still needs buyers. a lot of them.
where do you think they’re gonna come from?
what if they already found a way to turn the rest of the world into one? https://x.com/0xPickleCati/status/2108203504720568399
## @WClemente (Will) · 10-08 14:04 · ♥56 ↻2 💬1 October Macro and Bitcoin/Crypto Ramblings https://x.com/WClemente/status/2108196745746280914
## @sundaypeter8110 (sunday peter π) · 10-08 13:09 · ♥50 ↻5 💬1 JUST IN: @Samsung adds $USDC transfers to Samsung Wallet, letting U.S. Galaxy users send stablecoins to bank accounts in 60+ countries, with @Solana and @SuiNetwork as blockchain infrastructure partners. https://t.co/lhb8wlA9Mf https://x.com/sundaypeter8110/status/2108182990207561799