{"id":495966,"date":"2025-08-28T20:37:45","date_gmt":"2025-08-28T19:37:45","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=495966"},"modified":"2025-12-03T12:44:45","modified_gmt":"2025-12-03T12:44:45","slug":"treasury-secretary-bessents-stablecoin-push-could-drive-34-trillion-into-ethena-etherfi-hyperliquid","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/treasury-secretary-bessents-stablecoin-push-could-drive-34-trillion-into-ethena-etherfi-hyperliquid\/","title":{"rendered":"Treasury Secretary Bessent’s stablecoin push could drive $34 trillion into Ethena, Etherfi, Hyperliquid"},"content":{"rendered":"

Treasury Secretary Scott Bessent's<\/a> endorsement of dollar-pegged stablecoins creates a pathway for up to $34 trillion to flow into decentralized finance protocols such as Ethena, Ether.fi<\/a>, and Hyperliquid<\/a>.<\/p>\n

Arthur Hayes<\/a> reported in his Aug. 27 blog post<\/a> that Bessent aims to redirect capital from the $13 trillion Eurodollar system and $21 trillion in Global South retail deposits into stablecoin infrastructure that purchases Treasury bills.<\/p>\n

Yet, he said that this strategy addresses two problems: the Treasury's inability to track Eurodollar flows and the need for price-insensitive buyers of government debt.<\/p>\n

The plan leverages US social media platforms as distribution channels for stablecoin adoption. Meta's<\/a> WhatsApp could deploy crypto wallets to billions of users worldwide, enabling seamless transactions with stablecoins while bypassing local banking systems.<\/p>\n

DeFi protocols positioned for “secular rise”<\/h2>\n

Stablecoin issuers must invest deposits in Treasury bills to maintain dollar parity, creating guaranteed demand for government debt.<\/p>\n

Tether<\/a> earns a net interest margin of 4.25% to 4.5% by holding T-bills, while paying no interest on USDT<\/a> tokens. This business model scales directly with deposit growth, providing Bessent with price-insensitive buyers for short-term government securities.<\/p>\n

Bessent can weaponize dollar dominance to force compliance with the adoption of stablecoins.<\/p>\n

One example mentioned by Hayes is threatening to exclude foreign banks from Federal Reserve swap lines during financial crises. This move would push Eurodollar deposits toward US-regulated stablecoin platforms.<\/p>\n

In the case, Hayes projects a total stablecoin circulation of $10 trillion by 2028. In this scenario, he argued that three protocols are poised for a “secular rise.”<\/p>\n

The first is Ethena<\/a>, which operates the synthetic dollar system USDe<\/a> to generate yields by shorting crypto derivatives against long positions. As of press time, Ethena had $12.4 billion in total value locked (TVL) in the protocol.<\/p>\n

Road to 25% market share<\/h2>\n

The analysis forecasts that USDe could achieve a 25% market share of total stablecoins, potentially reaching a supply of $2.5 trillion.<\/p>\n

Hayes also mentioned Ether.fi. The protocol offers stablecoin spending through Visa<\/a>-powered debit cards, allowing users to spend their crypto anywhere Visa is accepted.<\/p>\n

The platform earns revenue at a ratio comparable to JPMorgan's<\/a> 1.78% fee-to-deposit ratio and can also capture decent value in the expansion of the US dollar-pegged stablecoin market.<\/p>\n

The third protocol mentioned in the post is Hyperliquid. The protocol dominates decentralized perpetual trading, with a 63% market share.<\/p>\n

In addition, Hayes cited that Hyperliquid processes daily volume representing 26.4% of the total stablecoin supply<\/a> in trading activity.<\/p>\n

Considering his $10 trillion prediction, the way these three protocols interact with stablecoins could heavily benefit them and their native tokens.<\/p>\n","protected":false},"excerpt":{"rendered":"

Treasury Secretary Scott Bessent’s endorsement of dollar-pegged stablecoins creates a pathway for up to $34 trillion to flow into decentralized finance protocols such as Ethena, Ether.fi, and Hyperliquid. Arthur Hayes reported in his Aug. 27 blog post that Bessent aims to redirect capital from the $13 trillion Eurodollar system and $21 trillion in Global South […]<\/p>\n","protected":false},"author":1511,"featured_media":485719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,1,77968,32631],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nTreasury Secretary Bessent's stablecoin push could drive $34 trillion into Ethena, Etherfi, Hyperliquid<\/title>\n<meta name=\"description\" content=\"Hayes projects a total stablecoin circulation of $10 trillion by 2028, and three protocols are poised for a "secular rise" in this scenario.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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