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Kevin Wash wants to re-examine the Fed's balance sheet. The new buyers may not be banks or governments, but stablecoin users and settlers worldwide. Stablecoins are the real buyers the U.S. finds for U.S. Treasuries. It doesn't even need to persuade anyone to buy U.S. Treasuries. First, set the timing right: the Fed's last round of balance sheet reduction ended in December 2025. After Wash's chairmanship in May 2026, the balance sheet policy review was initiated. As of July, the Fed's holdings of Treasuries actually increased by $303 billion compared to when balance sheet reduction was halted. So, the claim that "Wash" is selling US Treasuries is not yet true, but stablecoins may indeed provide an extra buffer for the next round of balance sheet adjustments. If you exchange 1 dollar for 1 stablecoin, issuers must put that 1 dollar into cash, short-term Treasuries, and other highly liquid assets to ensure timely redemption. The GENIUS Act has already written this rule into law: compliant stablecoins must have 1:1 reserves, allowing them to hold US Treasuries with maturities not exceeding 93 days. Thus, a clever funding chain emerged: global users buy stablecoins, issuers buy US short-term bonds, users worry about currency depreciation, cross-border merchants need US dollar settlements, and the crypto market needs on-chain cash. They thought they were buying digital dollars, but the funds ended up in the U.S. Treasury market, so the U.S. didn't have to search for overseas buyers one by one. Stablecoin issuers have helped it pool funds, and these buying orders are less sensitive to price. As long as it's stable