Stablecoins on Bitcoin? A Trojan Horse You Don’t Want

Stablecoins on Bitcoin? Some are pitching it as the next big step: a way to digitize the dollar, increase demand for U.S. Treasuries, and make Bitcoin “more useful.” But peel back the wrapping, and the story looks very different.

This video is my response to Juan Galt’s recent Bitcoin Magazine article: “Stablecoins: Genius Act Paves Way for Bitcoin to Dominate Global Infrastructure.”

We’ll cover three main assertions from that pitch:
1. Stablecoins “digitize” the dollar
2. More stablecoins mean more Treasury demand
3. Putting stablecoins on Bitcoin rails would be good for both America and Bitcoin

I think each of these arguments falls apart under closer scrutiny. Stablecoins don’t create new demand — they just repackage old debt. They don’t make the dollar stronger — they distract people from Bitcoin itself. And trying to force fiat rails onto Bitcoin risks compromising its integrity as the hardest money ever created.

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