Arthur Hayes: Crypto Bull Run Could Last Until 2028 on US Stablecoin Push

Krutika Adani

US Stablecoin Push Explained

Hayes says America will redirect the $10–13T Eurodollar market into US-controlled stablecoins for fiscal control and debt demand.

Fiscal Deficit Drives Policy

By requiring stablecoin issuers to hold reserves in US banks and Treasuries, Washington gains leverage over global liquidity flows.

DeFi Poised for Windfall

Platforms like Ethena, Hyperliquid, Ether.Fi, and Codex could capture massive stablecoin inflows, offering yields unavailable in TradFi.

A “Once-in-a-Century” Shift

Hayes sees stablecoins as reshaping global finance—comparable to Rockefeller’s era—fueling a bull cycle through 2028

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