Summers questioned the impact of stablecoins on U.S. Treasury demand and deficit financing

According to PANews, former U.S. Treasury Secretary Lawrence Summers said that stablecoins will not significantly increase net demand for U.S. bonds, nor will they substantially reduce the burden on fiscal deficits. He is skeptical of the claim that stablecoins help finance budget deficits. Summers pointed out that stablecoin regulation needs to prevent bank runs and ban anonymous transactions. The reason for stablecoins to exist should be to facilitate payments and transactions, rather than helping the government to finance debts more easily. Additionally, Summers added that Trump will realize that slamming the Fed is a high-stakes game.