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Broken white piggy bank with scattered Bitcoin and Ethereum coins on a blue background, symbolizing financial loss and tech’s playbook in stablecoins

Tech's Ruthless Playbook in Stablecoins: Crushing Margins to Own the Market

Picking up from where we left off, it's clear that tech's dominance in stablecoins isn't just about innovation—it's a brutal, calculated assault on margins in a winner-takes-most arena. In traditional banking, steady profits from deposits keep the lights on. But tech? They're wired differently. These giants—think Circle with USDC or Tether's empire—operate in a world […]

Mike Hogan

September 16, 2025

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Stablecoins in Bank Stress Scenarios: Do They Amplify or Buffer Stress?

In an era where financial turbulence feels like the new normal—think the 2023 Silicon Valley Bank collapse or ongoing economic jitters—investors and everyday savers are hunting for safe harbors. Enter stablecoins: digital assets pegged to fiat currencies like the US dollar, promising stability amid chaos. But what happens when bank deposits start fleeing to these […]

Mike Hogan

September 4, 2025

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Bank Deposits, Treasuries, and Stablecoins: Navigating a Complex Financial Ecosystem

In the world of finance, few systems are as intricate as the flow of funds between bank deposits, U.S. Treasuries, and emerging assets like stablecoins. Like any complex system, multiple variables interact and counterbalance each other, often in unexpected ways. Over the past few years, we've witnessed significant shifts driven by interest rate divergences, banking […]

Mike Hogan

September 2, 2025

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Stablecoins: The Promise of Targeted Advertising and the Perils of Privacy

In my last blog post, I raised concerns about the GENIUS Act that regulates digital currencies like USDC and Tether, but lacks critical guardrails to protect user rights. One glaring issue is the potential for authorities to freeze or seize stablecoins from wallets without judicial oversight—a power that threatens financial autonomy. But stablecoins are more […]

Mike Hogan

August 28, 2025

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Another HUGE Risk of the GENIUS Act: CBDC-Style Financial Slavery

Does the GENIUS Act Outsource Creation of a Programmable CBDC Capable of Surveilling & Controlling its Users? I’ve addressed the pros and cons of the GENIUS Act of 2025, addressing how it can pull lendable reserves from the banking system and impact lending and interest rates. Now, I’ll address the “programmable money” risk. The GENIUS […]

Mike Hogan

August 26, 2025

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Two people sitting at a wooden table exchanging money via mobile phones. Both hold coffee cups, creating a casual and modern tech-savvy ambiance.

Stablecoins and Agentic AI Go Together Like Chocolate & Peanut Butter

Imagine a world where AI agents don’t just answer your questions or generate content—they actively manage your finances, execute trades, pay for services, and negotiate deals, all in real time, across borders, with minimal human intervention. This isn’t science fiction; it’s the future being shaped by the powerful convergence of agentic AI and stablecoins. Together, […]

Mike Hogan

August 19, 2025

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Coins stacked on wooden blocks, representing the intersection of traditional banking and emerging stablecoin technology.

Banks Awakening to the Tech Threat in Stablecoins: Why Lobbying Won't Cut It

Bottom line: In a battle for margin, between banks and tech, tech will win. And bank lobbying to change the rules won’t work. Tech will innovate around any tweaking of the rules. The real solution is to change the GENIUS Act to enable stablecoins to act like deposits to fuel bank lending. The stablecoin market […]

Mike Hogan

August 14, 2025

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Why Would You Leave the Stablecoin Ecosystem?

Imagine a world where sending money costs pennies, transactions settle in seconds, and you can seamlessly move between digital and real-world spending without losing a fortune to fees. This isn’t a distant dream—it’s the reality being built by stablecoins, the unsung heroes of the crypto universe. In my previous post, I explored the economics of […]

Mike Hogan

August 7, 2025

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Assorted physical cryptocurrency coins including Bitcoin, Ethereum, Litecoin, and others displayed on top of scattered US $100 bills.

The Economics of Using Stablecoins

Case Study: Sending Money from USA to the Philippines Introduction Sending money internationally, such as from the US to the Philippines, often involves high costs and slow processing times. Stablecoins, specifically USDC-SPL—Circle’s USD Coin issued on the Solana blockchain, leveraging Solana’s high-speed, low-cost infrastructure for near-instant transfers with minimal fees—offer a faster, more cost-effective alternative. […]

Mike Hogan

August 4, 2025

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Can Government Lending and Money Market Funds Offset the Bank Liquidity Drain from GENIUS Act Stablecoins?

Cash is fungible, it flows where opportunity lies. When the government injects money into the economy, it often ends up in private hands, hitting commercial bank deposits and kicking off the fractional reserve lending cycle. This sounds like a win for growth, but there’s a catch. While banks lend with profit in mind under strict […]

Mike Hogan

July 18, 2025

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Stablecoins: Will Banks’ New Goldmine Gut Their Lending Power?

Picture this: digital dollars zipping across blockchains, powering instant global payments with a smartphone tap. That’s the stablecoin revolution, and banks are itching to cash in. With Tether pocketing $13 billion in profits in 2024 and forecasts of 10X growth from 2024 to 2028, giants like JPMorgan and Bank of America are diving in, chasing […]

Mike Hogan

July 15, 2025

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How Circle Might Overtake Tether as the King of Stablecoins

In our previous post, “Stablecoins, the Eurodollar System, and U.S. Monetary Sovereignty,” we explored how foreign-issued stablecoins like Tether (USDT) act as tokenized Eurodollars, eroding U.S. control by minting dollar-denominated IOUs offshore. With the $250 billion stablecoin market projected to hit $3.7 trillion by 2030, Tether’s $143 billion market cap leads, but its El Salvador […]

Mike Hogan

July 15, 2025

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Stablecoins, the Eurodollar System, and U.S. Monetary Sovereignty

The Eurodollar system, a sprawling network of U.S. dollar-denominated loans issued by foreign banks, accounts for approximately one-third of all dollars in circulation—roughly $12 trillion. As Milton Friedman aptly described, Eurodollars are “a bookkeeper’s pen,” mere bookkeeping entries representing dollar-denominated IOUs held in non-U.S. bank accounts. These offshore liabilities, created by foreign banks and central […]

Mike Hogan

July 9, 2025

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A tether coin placed in the middle of a ripped one-dollar bill.

The Camel Curse: Why the Banks’ Stablecoin Venture Is Doomed—And Why Buying Circle Is Their Only Shot at Winning

In the cutthroat arena of technology and finance, joint ventures (JVs) promise to pool expertise for breakthroughs. But as the old saying goes, “A camel is a horse designed by committee.” This quip nails the chaos of partnerships where too many equals with overlapping strengths churn out mediocrity. The recent buzz about America’s biggest banks—JPMorgan […]

Mike Hogan

July 9, 2025

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Stablecoins: The Ultimate Bank Run Accelerator That Could Tank the System

Picture a bank run so fast it’s over before you blink—billions in deposits vanishing into stablecoins in milliseconds. Not like Silicon Valley Bank or First Republic, where runs unfolded over hours or days. Stablecoins, under proposed laws like GENIUS and STABLE, could turbocharge this chaos, prioritizing stablecoin holders over regular depositors and creating a game […]

Mike Hogan

July 9, 2025

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Stablecoins vs. the Economy: How to Dodge a $1 Trillion Financial Cliff

Remember my last post, Could Proposed Stablecoin Laws Cause Credit Collapse & Depression? I warned that the GENIUS and STABLE Acts could siphon $1 trillion from U.S. bank deposits by 2028, potentially slashing lending by up to 40% and spiking interest rates, risking a recession worse than 2008. With stablecoins projected to hit $3.7 trillion […]

Mike Hogan

June 18, 2025

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Could Proposed Stablecoin Laws Cause Credit Collapse & Depression?

By 2028, the U.S. Treasury estimates that stablecoins—digital currencies pegged to the dollar—could hold $2 trillion worldwide. If we assume that half of this ($1 trillion) comes from U.S. bank deposits, with the rest coming from outside of the US, that would be $1 trillion drained from the $18 trillion in U.S. bank deposits. Proposed […]

Mike Hogan

June 11, 2025

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