stablecoins Archives - MPH International

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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

clerk counting cash money at bank office

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

A businessman analyzing financial growth with a magnifying glass over stacked coins on ascending wooden blocks, each marked with upward arrows, symbolizing increasing income or investment returns

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

A wooden balance scale with money on one side and small figures representing people on the other side.

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