Arthur Hayes: The United States is promoting stablecoins to control the Eurodollar market. The Treasury Department can use stablecoins to bypass the Federal Reserve and directly control short-term interest rates.

Odaily Planet Daily reported today that at the WebX 2025 conference in Tokyo, Japan, Arthur Hayes, co-founder of BitMEX and Chief Investment Officer of Maelstrom, stated that the core motivation for the US government's stablecoin push stems from its massive fiscal deficit. The US government aims to channel the $10-13 trillion Eurodollar market into a controllable stablecoin ecosystem. US Treasury Secretary Benson will pressure countries to promote stablecoin adoption. The impact of stablecoins on the Eurodollar market will be revolutionary. While traditional US dollar deposits held by foreign banks are outside the US regulatory system, stablecoins will be managed within the US banking system. Since issuers must use their reserves to purchase US Treasury bonds, the government will receive support from stablecoin buyers. This mechanism will allow Benson to directly control short-term interest rates, bypassing the Federal Reserve.