The Next Reserve Standard? Mortgage-Backed Stablecoins vs. US Treasuries
Over the years, US Treasuries have been the undisputed global reserve asset. Central banks, institutions, and investors around the world hold trillions of dollars in Treasuries because they are considered safe, liquid, and backed by the full faith of the US government. But the world is shifting. Debt levels are rising, yields are volatile, and …
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