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Stablecoins built their global demand by working around state control, and Washington now wants to put that same demand to work for the Treasury, a move that could speed dollar adoption abroad while giving every foreign regulator a reason to resist it.
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In Today’s Edition:
**Headline:Washington Weighs Global Stablecoin PushQuick Bites:Stablecoin Adoption Intent RisesYield of the Week:**Kimchi Corridor’s 212.97% APY
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HEADLINE
**State of play: **The Trump administration is considering joint ventures with private firms to promote dollar stablecoins abroad, which would make a crypto product a tool of monetary statecraft that builds Treasury demand while putting pressure on weaker currencies.
Bloomberg reports that the Treasury, the State Department, and the US International Development Finance Corporation could all have roles in the initiative.
USDT and USDC make up almost 90% of the $292.49B stablecoin market.
The GENIUS Act requires issuers to hold reserves in dollars and short-term Treasuries, and with holdings near $200B, issuers already rank among the top 20 holders of US debt.
Treasury Secretary Scott Bessent has called dollar stablecoins a support for dollar dominance and noted that the dollar is involved in nearly 90% of FX transactions.
The IMF and BIS have both warned that because dollar stablecoins bypass banking channels, they could speed capital flight from emerging markets during periods of stress.
**What’s Next: **Watch for a formal announcement, which issuers get picked as partners, and how emerging-market regulators react.
**Why it Matters: **Stablecoins would become US foreign policy, tied directly to Treasury demand and the dollar’s reach.
**Our Take: **This is about finding new buyers for US debt more than about crypto. A state-backed push also hands every host government a reason to treat dollar stablecoins as a threat to its sovereignty.
QUICK BITES
Galaxyadds$100M in Sky’s sUSDS to treasury.Trump administrationweighsa global stablecoin plan.BlackRocksaysAI agents could drive stablecoin and crypto adoption.ECBpushto expand stablecoin yield ban to crypto lending and staking.Stablecoin adoption intentrisesfrom 36% to 56% with bank-level protections.
YIELD OF THE WEEK
The vaultaccepts USDC deposits and runs a single spread swap betting on the Korea-over-Bitcoin realized vol gap snapping back, long IBIT realized vol and short EWY realized vol, with ~$105.5k in TVL.Capital is deployed into a single Bloomberg DLIB spread swap struck at the Korea vol premium over Bitcoin, with convex upside if the premium compresses and fixed downside if it widens, with indicative payoffs ranging from +10% to +35%.
Yield is generated from the spread between Korea and Bitcoin realized volatility, with the current epoch running from July 20 to September 22, 2026, delivering a 212.97% APY and +16.7% cumulative return since inception.
The vaultaccepts USDC deposits and runs a multi-strategy fund generating risk-adjusted returns through relative value, volatility arbitrage, event-driven positioning, and tactical cross-asset hedging on BTC and ETH, with ~$8.2M in TVL.Capital is deployed across blue-chip crypto trading strategies capturing convex upside while actively hedging downside volatility, with the current epoch running until September 30, 2026.
Yield is generated from systematic alpha across digital asset markets, delivering a 31.38% APY and +51.1% cumulative return since inception at a current vault ratio of 1.5109 USDC.
The vaultaccepts USDT0 deposits on Hyperliquid and runs a multi-strategy fund generating risk-adjusted returns through relative value, volatility arbitrage, event-driven positioning, and tactical cross-asset hedging on BTC and ETH.Capital is deployed across blue-chip crypto trading strategies capturing convex upside while actively hedging downside volatility, with the current epoch running until September 30, 2026.
Yield is generated from systematic alpha across digital asset markets, delivering a 12.04% APY and +10.7% cumulative return since inception at a current vault ratio of 1.1073 USDT0.
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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.
