cryptosnake on Nostr: Patrick Witt, digital asset advisor to Donald Trump, argues that the global demand ...
Patrick Witt, digital asset advisor to Donald Trump, argues that the global demand for the U.S. dollar, channeled through stablecoins like GENIUS-compliant ones, actually brings new capital into the American banking system.
He asserts that when overseas entities use local currencies to buy these stablecoins, it results in deposit inflows. This contradicts prior warnings from traditional banking groups who feared yield-bearing stablecoins would trigger deposit outflows. Witt believes the debate over stablecoin yields often overlooks this crucial point of dollar demand.
#USDC #Stablecoin #PatrickWitt
Published at
2026-03-12 03:15:05 UTCEvent JSON
{
"id": "7e32a6f38960e28b92847c81526d0a0aa70148f835d3524879b4bccc593faf71",
"pubkey": "33e0b2e38fef5ad837e442aa8013bcf8efbddf56dcc6a36d2e9853bb7748188a",
"created_at": 1773285305,
"kind": 1,
"tags": [],
"content": "Patrick Witt, digital asset advisor to Donald Trump, argues that the global demand for the U.S. dollar, channeled through stablecoins like GENIUS-compliant ones, actually brings new capital into the American banking system.\n\nHe asserts that when overseas entities use local currencies to buy these stablecoins, it results in deposit inflows. This contradicts prior warnings from traditional banking groups who feared yield-bearing stablecoins would trigger deposit outflows. Witt believes the debate over stablecoin yields often overlooks this crucial point of dollar demand.\n\n#USDC #Stablecoin #PatrickWitt",
"sig": "be80ca594cdef0ffef34f7117f18c53ceadabf58cdd12d06e8d68ce5fffbbdc388fdba431311101b92946c9e76bd9e1404703ba2eb6f960b3f895fe4f714169c"
}
