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

A TRILLION DOLLARS. That quantity could preserve Scott Bessent, America’s treasury secretary, up at night time. Subsequent 12 months his authorities’s web curiosity funds will break the 13-figure mark. The mixture of a bulging deficit, now price 7% of GDP, and the sharp improve in government-bond yields over the previous 4 years makes America’s budgetary arithmetic more and more ugly.