The future of banking is not stablecoin issuers providing opportunities for the global south to buy US debt; the future is every website, every digital community, threatening to run their own ecash instance, backed by bitcoin, the only neutral reserve asset, when their current financial counterparties are eventually cut off.

At the center of the circuit of the US banking system sits the Federal Reserve and the Treasury – a proprietary black box chip that controls both the current (short-term and overnight interest rates) and voltage (the issuances of US Treasuries, “USTs”).