Fair enough, but as I point out in the note, there is a new study that indicates that $300m new issuance in stablecoins moved Treasury Bill yields by 15bps and Commercial Paper yields by 20bps. Of course ,the study could be wrong, but give it a look, if you are interested. :-)
I find a lot of great insights in this newsletter, but I'll give this one a miss.
a) There is no evidence that in a bear market crypto assets are moving to bitcoin & co to stablecoins
b) Even if that was the case, the size of those stablecoins relative to US CP and treasuries is not meaningful, so it wouldn't impact the rates
Fair enough, but as I point out in the note, there is a new study that indicates that $300m new issuance in stablecoins moved Treasury Bill yields by 15bps and Commercial Paper yields by 20bps. Of course ,the study could be wrong, but give it a look, if you are interested. :-)
puzzling, thanks for pointing it out