Stablecoins should cut America’s debt payments. But at what cost?

A TRILLION DOLLARS. That quantity could preserve Scott Bessent, America’s treasury secretary, up at evening. Subsequent yr his authorities’s web curiosity funds will break the 13-figure mark. The mix of a bulging deficit, now value 7% of GDP, and the sharp enhance in government-bond yields over the previous 4 years makes America’s budgetary arithmetic more and more ugly.