00:00 Speaker A

Stable coins did not destroy the dollar, they smuggled the dollar onto blockchains where it became faster, more global and more programmable.

00:06 Speaker A

That is a massive victory for the United States, but it is not an unconditional one.

00:11 Speaker A

Stable coins may increase demand for short-term Treasury debt, but they may also pull deposits from banks.

00:16 Speaker A

They may expand financial access, but they may also accelerate capital flight.

00:20 Speaker A

They may protect people from local inflation, but they may weaken the monetary sovereignty of their countries.

00:25 Speaker A

They may give users direct control of a wallet, but they do…