# stablecoins — X 热门讨论 (2026-09-20 14:27 UTC)
## @SecScottBessent (Treasury Secretary Scott Bessent) · 09-20 14:05 · ♥562 ↻156 💬37 .@larry_kudlow in @NewYorkSun gets it right. Here are the facts:
The dollar was on one side of 89.2% of global FX trades.
Foreign investors still hold enormous amounts of U.S. assets. The principal stablecoins are dollar-denominated. Treasury buybacks are about adding liquidity and managing the maturity structure, not somehow controlling a $30T+ market.
Median household income in 2025: $87,460 — a record. Official poverty rate: 10.2% — a historic low. Atlanta Fed GDP forecast: 5.1% annualized real GDP growth in Q3.
And that’s before looking under the hood at the private-sector momentum behind capex and the AI buildout.
The latest numbers show continued employment growth, while business investment and capital expenditures have been expanding, as the CapEx comeback story has continued to broaden out, with nearly 20% more equipment investment in Q2 2026 than at the end of Biden’s term.
Americans deserve honest coverage.
In the New York Times’s latest feeble attempt at delivering a hit piece on the greatest economy in history, the discredited journal selectively excludes data that contradicts this dull narrative. Granted, it’s nothing new that they fail to provide their readers with the full story.
Complicated financial realities should not be reduced to easy-to-read sentences that serve a preordained narrative.
This article’s problem is not complexity. It is selectivity.
If capital is supposedly running from America, why does the data keep showing strong foreign demand for U.S. assets?
If investors are “balking” at Treasuries, someone forgot to tell the bidders.
Norway is not looking elsewhere; it is switching from Treasuries to agency bonds. Still US assets.
Netherlands is bringing gold back from North America, including Ottawa as well as New York, reflecting a home country preference.
We see this morning that Saudi Arabia has dropped out of mBridge and others are likely to follow.
And if digital finance is supposed to threaten the dollar, why are stablecoins overwhelmingly dollar-denominated?
The record is not ambiguous. https://t.co/oc2UM7ls6F https://x.com/SecScottBessent/status/2101674041564176625
## @SimonDixonTwitt (Simon Dixon) · 09-20 13:01 · ♥54 ↻6 💬3 🇸🇦 THE “SAUDI ARABIA QUITS mBRIDGE” STORY NEEDS CONTEXT
The headline makes it sound like Saudi Arabia has suddenly abandoned the alternative payment architecture developing around China.
That’s not what happened.
🇸🇦 SAMA says it completed its planned mBridge proof of concept on 13 May 2025 and then ceased being a formal participant.
That happened more than a year ago. What’s new is the disclosure.
🇨🇭 The BIS had already “graduated out” of mBridge in October 2024 after the project reached Minimum Viable Product stage and transferred it to the participating central banks.
The BIS says its incubation role was complete.
🇺🇸 The FT separately reported US pressure over concerns mBridge could weaken dollar and SWIFT sanctions leverage.
Both accounts should be distinguished.
But mBridge continued developing without the BIS and Saudi leaving mBridge did NOT mean Saudi returned to a dollar only architecture.
🇸🇦🇨🇳 Saudi still has a RMB50bn swap agreement with the PBoC, Chinese banking relationships and access to expanding RMB settlement infrastructure.
🇸🇦 It is simultaneously integrating GCC payment infrastructure.
This isn’t simply the petrodollar being replaced by the petroyuan.
It isn’t SWIFT being replaced by mBridge either.
It increasingly looks like one dominant global financial network becoming multiple interoperable nodes.
Now look at Iran.
🇺🇸🇦🇪🇪🇬 The US is targeting the UAE branches of Egypt’s state owned Banque Misr over alleged Iranian shadow banking activity.
🇹🇷🇮🇷 Turkey has revoked the licence of Iran’s Bank Mellat branch.
🇴🇲🇮🇷 But Oman is interesting.
The Central Bank of Oman still lists Bank Melli Iran and Bank Saderat Iran as licensed banks.
🇴🇲🇮🇷 At the same time, Oman and Iran are negotiating arrangements around navigation through the Strait of Hormuz.
So I’m watching whether Iran’s financial rails are being compressed rather than completely isolated.
🇨🇳 China remains the enormous external economic node.
🇴🇲 Oman remains an important Gulf banking and diplomatic bridge.
Other Iranian routes remain, so there isn’t enough evidence to say Iranian trade is being deliberately funnelled exclusively through China and Oman.
But if other Iranian financial nodes keep getting squeezed while Oman remains intact, that becomes increasingly significant, especially alongside the Hormuz negotiations.
This fits the framework I’ve been discussing.
🇺🇸 The Western node can become more digitally dollarised through stablecoins, tokenised Treasuries and programmable dollar infrastructure.
🇨🇳 The Chinese node can expand RMB settlement through CIPS, swap lines and alternative payment infrastructure.
Regional nodes can increasingly settle directly.
CBDC infrastructure can connect central bank money without requiring some imaginary single BRICS currency.
🇸🇦 Saudi can therefore remain dollar pegged, issue dollar debt, own US assets.
🇸🇦🇨🇳 At the same time it can maintain RMB liquidity, Chinese banking relationships, GCC payment integration and the knowledge gained through mBridge.
That isn’t necessarily Saudi choosing China over America.
It is Saudi building optionality between nodes.
And this is why “petrodollar vs petroyuan” misses the bigger change.
🇨🇳 CIPS volumes are growing rapidly, but CIPS volume does NOT equal oil settled in yuan. There isn’t sufficient evidence to claim the petroyuan has replaced the petrodollar.
What may be eroding is something subtler.
The dollar’s exclusivity as the settlement rail.
🇺🇸 The dollar can remain dominant while alternative rails grow underneath it.
🇨🇳 RMB settlement can grow without the RMB becoming the global reserve currency.
🇮🇷 Iran can increasingly use Chinese and regional rails without a BRICS currency.
mBridge can continue without the BIS or Saudi Arabia formally participating. > 引用 @SimonDixonTwitt: The Houthis Just Changed The Middle East (Or Did They?) | Oil, Rates & The New Financial Rails https://t.co/BDE9NirCzM https://x.com/SimonDixonTwitt/status/2101658068299763812
## @CW8900 (CW) · 09-20 05:39 · ♥40 ↻4 💬4 The inflow of stablecoins into exchanges over the weekend is dropping sharply.
This indicates that crypto market is not yet in a real bull market.
In a real bull market, stablecoin inflows occur even on weekends. We remain on the verge of a bull market. https://t.co/dEjWk5FraA > 引用 @CW8900: Whale activity drops significantly over the weekend, this trend clearly saw in stablecoin inflow indicator.
Trading volume and activity remain low today. Unless there is significant movement of stablecoins, large volatility is unexpected. https://t.co/K1ML8QluPp https://x.com/CW8900/status/2101546695620517899