BITCOIN SEASON 2: Trump likes Stablecoins, not Bitcoin
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 22 March 2025
⏱️ 42 minutes
🧾️ Download transcript
Summary
Reality check: President Trump likes stablecoins more than Bitcoin. What do Bitcoiners do?
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President Trump makes a pivot from Bitcoin to stablecoins in his latest policy statements. Reality check: stablecoins now account for over 50% of all crypto settlement volume, with Tether becoming the 7th largest holder of US Treasuries globally. We break down how stablecoins are being used in emerging markets, why Tron dominates the stablecoin landscape despite centralization concerns, and what this means for Bitcoin's relationship with the traditional financial system.
Notes:
- Tether is 7th largest buyer of US treasuries globally
- Stablecoins now 50% of all crypto settlement volume
- Tether holds $113 billion in treasuries
- Tron handles ~40% of stablecoin transactions
- Tether earns ~$4 billion yearly on Treasury yields
- Trump now promoting stablecoins for dollar dominance
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Timestamps:
00:00 Start
00:34 Trump video
03:09 Reaction
06:53 Tether buying treasuries
11:08 Other stablecoins
17:35 Arch Network
18:05 The Tether Eye of Sauron
20:10 Who's using stablecoins
22:18 Where are stablecoins traded?
26:31 Volume of all crypto transactions compared
32:33 A realistic view
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Transcript
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| 0:00.0 | So we thought we were going to get a strategic Bitcoin reserve, but we're actually doing stable coins now. |
| 0:05.7 | Switch up. |
| 0:06.7 | Yes, that's right. |
| 0:07.5 | President Trump is talking stables now. |
| 0:10.5 | What do Bitcoiners do? |
| 0:12.0 | Well, first of all, we have to actually understand stable. |
| 0:14.5 | So Carl and I are going to talk about that this Bitcoin Season 2. |
| 0:19.0 | Bitcoin Season 2 is brought to you by Arch Network, the platform building bridgeless apps |
| 0:23.1 | on Bitcoin. |
| 0:24.8 | More on Arch. |
| 0:25.6 | Later on the show, let's kick it off. |
| 0:31.7 | It's an honor to speak with you about how the United States is going to dominate crypto and the next generation of financial technologies. |
| 0:42.1 | And it's not going to be easy, but we're way ahead. |
| 0:45.5 | Just two weeks ago, we hosted the first ever White House Digital Asset Summit, bringing together many of the world's top leaders in crypto for a conversation led by |
| 0:56.4 | our White House AI and Cryptozar David Sachs, who's a fantastic and very brilliant guy. |
| 1:03.2 | That same week, I signed an order creating the brand new strategic Bitcoin Reserve and the |
| 1:08.8 | U.S. digital asset stockpile, which will allow the federal government |
| 1:12.5 | to maximize the value of its holdings instead of foolishly selling them for a fraction of their |
| 1:19.2 | long-term value, which is exactly what Biden did. He got a fraction of their value. We're ending |
| 1:24.5 | the last administration's regulatory war on crypto and Bitcoin, and that includes |
| 1:29.6 | stopping the lawless Operation Chokepoint 2.0. Operation Chokepoint went beyond regulation, |
| 1:37.3 | and I mean far beyond. It was a form of lawfare through government weaponization. Frankly, |
... |
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