Generally agree with the macro. Three forces mentioned (AI capex, just-in-case infrastructure, war financing) are all pushing fiat expansion, and politically nobody can stop them in the next 18 months. There's a counterflow @CryptoHayes doesn't mention though. While sovereigns sell US Treasuries to build pipelines and stockpiles, emerging market retail is eating up part of that flow through stablecoins. Tether alone holds $117B in T-bills. Tether and Circle combined hold more US Treasuries than Saudi Arabia (OMG!). Over 80% of stablecoin transactions happen outside the US. Abu Dhabi SWF leaving the trade, not-starving Bangladeshi office worker entering it. The three forces still play out, just with more buffer. Maximum risk is overshooting, IMO. Next phase is yield-bearing and high risk traditional instruments (stocks). Tether and Circle pocket the T-bill yield right now, which is bad for the user. USDY from @OndoFinance and similar products pass it through. Once 4 billion phone-wallet users get access to these instruments, the dollarization flow speeds up a lot. And this is why RWA is happening. What this picture needs: cross-chain rails with privacy on par with TradFi. The world is multichain and staying that way. BUIDL on @ethereum, xStocks on @solana, USDT on @trondao, BENJI on @StellarOrg. A Bangladeshi user needs to move between them in one step, with the privacy he expects by default. That's the gap @NEARProtocol Intents fills.