Stablecoin Supercycle

Stablecoins – digital currencies pegged to stable assets like the U.S. dollar – have rapidly moved from crypto niche to fintech mainstream. In the past year, stablecoin usage has surged and their effects are rippling across private sector innovation, government finance, and everyday consumer experiences. With over 160 million holders worldwide and global stablecoin supply growing 54% year-over-year, 2025 is shaping up to be a breakout year for these digital dollars. This post explores how stablecoins serve as programmable money fueling innovation, how they boost demand for U.S. Treasuries (even easing national debt pressures), what benefits consumers gain (from cheaper cross-border payments to financial inclusion), how programmable money is reshaping financial infrastructure (instant settlement, composability), the disruption facing payment networks and banks, real-world examples like Coinbase and Stripe driving adoption, and a forward look at a thriving stablecoin ecosystem.

Stablecoins as Programmable Money Driving Private Sector Innovation

Stablecoins are not just digitized dollars – they're programmable money. Businesses can integrate stablecoins into software, enabling automatic and conditional payments, smart contracts, and innovative financial products. As one fintech CEO explains, the programmable nature of stablecoins allows payments to be automated, conditional, or tied to logic – for example, milestone-based funding, treasury management rules, or smart-contract disbursements. In other words, value can move not just faster and cheaper, but smarter than on traditional rails. This flexibility unlocks new business models: imagine supply-chain payments that release instantly when goods arrive, or insurance payouts triggered by IoT sensor data – all enabled by code on stablecoin platforms.

Because stablecoins run on blockchains, any developer or company can build on these open networks. Stablecoins are already one of the best tools to build global fintech applications because transactions are fast, near-zero cost, and easily programmable. Entrepreneurs are leveraging this to create services that weren't possible before. For example, stablecoins have been used in major corporate deals and investments, proving their viability for large-scale transactions. In one case, an Abu Dhabi fund invested $2 billion into Binance entirely in stablecoins – a first-of-its-kind deal that settled quickly without bank wires. Similarly, a crypto startup raised $82 million in funding with most of it settled in PayPal's USD stablecoin (PYUSD), allowing the deal to close with minimal fees and intermediaries. These examples show how private firms are embracing stablecoins to streamline capital flows.

Major corporations outside of crypto are also exploring stablecoins to streamline payments and cut fees. Retail giants like Amazon and Walmart are looking at using stablecoins for faster, cheaper transactions. Shopify recently partnered with Coinbase and Stripe to let millions of merchants accept USD Coin (USDC) payments seamlessly in online checkouts. Customers can pay with USDC through familiar interfaces (Shop Pay or various crypto wallets) and merchants receive local currency with no foreign exchange fees, or can opt to keep the USDC. Notably, Shopify highlighted that stablecoins like USDC have grown to over a trillion dollars in monthly payment volume globally, proving their scale and trust among users. By using smart contracts, Coinbase's platform even replicated credit-card-like features (e.g. "authorize now, capture later" holds) to give merchants the convenience of card payments plus the speed and global reach of crypto dollars. From big-tech to startups, stablecoins are fueling a wave of private sector innovation by offering a programmable, internet-native form of money that businesses can tailor to their needs.

Boosting Demand for Treasuries and Easing National Debt

An often overlooked impact of stablecoins is how they interact with government debt markets. Most popular stablecoins are fully backed by reserve assets – predominantly short-term U.S. Treasury bills or equivalent cash. As stablecoins grow, issuers like Tether and Circle must hold more T-bills as reserves, effectively creating additional demand for U.S. government debt. Top U.S. officials have noted this dynamic as a potential boon for public finances. Treasury Secretary Scott Bessent remarked that a thriving stablecoin ecosystem will "drive demand from the private sector for U.S. Treasuries", which in turn lowers government borrowing costs and helps rein in the national debt. Each new stablecoin in circulation is essentially another dollar invested in Treasury bills. This extra bid for Treasuries allows the U.S. Treasury to refinance itself more cheaply – high demand pushes bond yields down, reducing the interest rates the government pays on its debt.

Current numbers underscore this trend. Estimates show over $120 billion is already parked in U.S. T-bills by major stablecoin issuers. In fact, flows into stablecoins have become large enough that inflows can slightly lower 3-month Treasury yields, while large outflows might nudge them up. In other words, stablecoin reserve management is now linked to short-term funding markets. If U.S. regulators mandate that all stablecoins be backed primarily by Treasuries (as proposed in the GENIUS Act), demand for government debt would increase further. One analysis projected that if stablecoin supply reached $2 trillion in a few years (up from ~$250 billion today), issuers could end up holding roughly one-third of all outstanding T-bills. Such a scenario implies a significant "demand shock" in favor of U.S. debt, potentially lowering yields and government financing costs considerably.

Policymakers see a potential win-win-win outcome: the private sector gains a robust stablecoin market, the U.S. Treasury benefits from cheaper debt financing, and consumers worldwide gain easier access to dollars. By extending dollar influence through privately issued digital coins, the U.S. even bolsters dollar dominance without officially issuing a central bank digital currency. Of course, such influence cuts both ways – if stablecoin growth explodes, regulators will need to monitor any unintended effects on monetary policy or credit availability (since dollars parked in non-lending reserves don't circulate in the economy as bank deposits do). But overall, stablecoins are emerging as a surprising ally in managing national debt, increasing demand for the safest assets and potentially saving taxpayers money on interest in the long run.

Consumer Benefits: Faster Payments, Financial Inclusion, and Dollar Stability

For everyday people, stablecoins promise to make financial services more accessible, faster, and fairer. Cross-border payments and remittances are one of the clearest wins. Today's international transfers are notoriously slow and expensive – often taking days and costing 5–10% in fees via banks or money transfer operators. Stablecoins change the game by enabling near-instant, low-cost transfers anywhere in the world. In fact, sending $200 from the U.S. to Colombia via stablecoin costs fractions of a penny, versus around $12 in fees on traditional rails. For migrant families sending money home, such savings are life-changing: the global average remittance fee of ~6.3% on a $200 transfer equates to $54 billion in fees siphoned annually – money that stablecoins could keep in the pockets of those who need it most. Unsurprisingly, stablecoins have become the cheapest way to send a dollar globally, with millions of users across nearly every country using them as a safe, low-cost, and inflation-resistant way to save or spend.

Financial inclusion is another major benefit. Because stablecoins run on public blockchain networks, anyone with a smartphone and internet connection can access digital dollars – no bank account or credit history required. This opens up dollar-based finance to the underbanked populations and emerging markets that have been excluded from the traditional system. Notably, in countries facing high inflation or volatile local currencies, dollar-backed stablecoins serve as a vital lifeline for wealth preservation. A Deutsche Bank study found that in countries like Brazil, Nigeria, and Turkey, nearly half of crypto users cited "saving in dollars" as their primary reason for using stablecoins. Instead of seeing their savings erode by double-digit inflation, people are holding stablecoins like USDT/USDC to preserve value in USD terms. Similarly, stablecoins provide a stable medium for commerce in regions where the local currency is depreciating – merchants and freelancers can accept payment in a dollar stablecoin, avoiding exchange rate chaos.

Beyond payments and saving, consumers benefit from the 24/7 availability and speed of stablecoins. There are no "bank holidays" or cutoff times – a stablecoin transaction at 3 AM on a Sunday settles in minutes. This always-on nature means individuals can access funds or make payments whenever needed, improving financial flexibility. Settlements are near-instant, as blockchains don't require the multi-day clearing process of banks. Whether splitting a bill with a friend overseas or paying a supplier in another continent, stablecoins remove friction and delay. Additionally, fees are typically just a few cents or less, which can make a big difference for micropayments or small transactions where percentage-based fees are painful.

Importantly, stablecoins carry the stability of the dollar into digital form. Unlike volatile cryptocurrencies, a coin like USDC is backed 1:1 by USD reserves and designed to hold a constant $1.00 value. Consumers thus enjoy the best of both worlds – the price stability of fiat money combined with the efficiency of crypto rails. In practical terms, this means predictability: someone receiving a remittance or a salary in stablecoins doesn't have to worry about their money's value swinging overnight. It also builds trust: as Shopify's team put it, when customers pay in a regulated stablecoin, merchants get a currency that's safe, reliable, and easy to exchange. All these benefits contribute to stablecoins becoming a bridge between traditional finance and crypto, increasingly used for everyday payments and even in novel areas like decentralized finance (DeFi), gaming, and NFTs. From migrant workers to unbanked families to online shoppers, stablecoins are delivering tangible improvements in cost, speed, and access in the consumer finance experience.

Programmable Money Reshaping Financial Infrastructure

Stablecoins' programmability isn't just enabling new apps – it's fundamentally changing how the financial system can operate. Consider instant settlement: moving money via stablecoins means transactions clear and settle in near real-time, as fast as the underlying blockchain confirms (which can be seconds). This contrasts with legacy systems where payments can remain pending or "in transit" for days. Instant settlement reduces counterparty risk (no more waiting to see if a bank transfer actually arrives) and frees up capital from being tied in limbo. It also enables higher money velocity: a single stablecoin dollar can be sent, received, lent out, or used in a smart contract multiple times within the same minute because of continuous availability. Businesses no longer have to wait overnight or longer for funds to become usable; this liquidity boost can improve cash flow and economic activity.

Another transformative aspect is composability. Stablecoins live on shared ledgers, which means they can plug into any other compatible application or contract. This creates a money "Lego" effect – one can seamlessly connect stablecoins with lending protocols, decentralized exchanges, payment processors, or any fintech service. For example, a stablecoin could be programmed in a loan agreement to automatically redistribute payments to lenders, or combined with identity contracts to enforce KYC/AML compliance on certain transfers. Because stablecoin platforms are open and extensible, anyone can build new financial tools on top of them. This permissionless innovation is driving an explosion of financial infrastructure upgrades.

We're seeing proposals for stablecoin clearinghouses and on-chain payment networks that would allow instant, near-free transfers between any participating institutions. There's even work on decentralized "autonomous" banks where stablecoins and smart contracts handle deposits, loans, and exchanges algorithmically. Programmable money also means transactions can carry logic and conditions, which can streamline complex financial workflows. Take securities settlement: using stablecoins, a stock trade could be settled atomically (simultaneously) with payment delivery, reducing settlement risk. Or consider escrow and trade finance: funds can be locked in a smart contract and released only when specified conditions (confirmed by oracles or IoT data) are met – reducing reliance on costly intermediaries.

The composability and programmability lead to unprecedented flexibility. As one industry expert noted, traditional payment rails were never built for such conditional or logic-driven transfers, whereas stablecoins enable a future where value moves with software-like intelligence. In practice, this could mean "money that self-executes" – for instance, automatic late fees if an invoice isn't paid by a deadline, or splitting a single incoming payment among multiple parties according to pre-set rules, all without manual intervention. All told, stablecoins are catalyzing a modernized financial infrastructure: one that operates in real-time, is globally accessible, and is composable across services. Financial institutions are starting to adopt these innovations – some banks are experimenting with tokenized deposits (deposit-backed stablecoins) that combine the stability of bank money with on-chain speed and programmability. If successful, such models could keep customer funds within the regulated banking system but still offer 24/7 availability and smart contract features. Meanwhile, payment providers are upgrading compliance and fraud tools to work on stablecoin rails. The end result could be a deeply interoperable financial architecture where money moves as seamlessly as data on the internet, and where innovation isn't bottlenecked by slow, closed networks.

Disruption for Payment Networks and Banks

The rise of stablecoins poses both competitive challenges and opportunities for incumbent players like payment networks (Visa, Mastercard) and traditional banks. One striking indicator is sheer volume: by 2024, annual stablecoin transaction volume hit $27.6 trillion – surpassing the combined volume of Visa and Mastercard payments for that year. In other words, the stablecoin network (across all chains) now moves more value than the two largest card networks, highlighting how quickly crypto-native rails are scaling. Even on a daily basis, crypto exchanges like Binance handle over $1.6 billion in stablecoin transfers – volumes exceeding what Visa and Mastercard process in a comparable period. For payment networks whose business relies on capturing transaction flows, this shift is a wake-up call. Consumers and businesses are finding they can transact value globally without needing the card networks or correspondent banks at all. Stablecoins cut out multiple middlemen – no issuing bank, acquiring bank, or international wire service is needed to move digital cash from A to B.

In response, incumbents are adapting. Rather than ignore the trend, companies like Visa, Mastercard, and PayPal are leaning in by integrating stablecoins into their offerings. Visa has piloted settling transactions in USDC (a dollar stablecoin) on Ethereum, effectively using stablecoins for back-end settlement instead of traditional bank wires. Mastercard has partnered with crypto firms on stablecoin-linked cards, and just this year Stripe teamed up with Visa to launch stablecoin debit cards that let businesses spend USDC from their balances, usable at 150+ million merchants via the Visa network. These cards eliminate currency conversions and allow seamless spending of crypto dollars in the traditional card infrastructure. Such partnerships indicate that payment giants see stablecoins as the next evolution of digital money, not a passing fad. In fact, Visa's stock has climbed on the back of its crypto tokenization efforts, reflecting investor optimism as it forges new stablecoin-based revenue streams.

Still, if stablecoins enable direct peer-to-peer and merchant payments at scale, they could pressure the high fees that networks and processors charge. We're already seeing competitive fee offerings – for instance, Stripe is reportedly charging a 1.5% fee for stablecoin payments, undercutting typical 2-3% card fees. Greater competition could improve margins for merchants and force incumbents to justify their value-add beyond just moving funds.

Traditional banks face a different set of challenges. Stablecoins, especially those not issued by banks, threaten to siphon away bank deposits – a cheap source of funding that banks use to lend and make profit. If businesses and individuals start holding a significant portion of their money in non-bank stablecoins (which sit in cash/T-bill reserves), banks could see an outflow of deposits, limiting their ability to create loans and credit in the economy. Regulators worry about this "narrow banking" effect, where too much money sits in 100%-reserve form and doesn't get recycled into productive lending. In fact, U.S. legislation has considered guarding against this: the GENIUS Act would prohibit stablecoin issuers from paying interest on tokens, specifically to prevent them from competing too directly with bank savings accounts and drawing deposits away.

Banks also have to consider that stablecoins enable new competitors in payments and finance that don't need banking charters – from fintech startups to DeFi protocols – potentially cutting into banks' fee businesses (like cross-border transfers, trade finance, etc.). Yet, banks also see opportunity. Forward-looking institutions are exploring ways to participate in the stablecoin boom rather than be disintermediated by it. Several large U.S. banks (JPMorgan, Citi, Wells Fargo, and BofA) have reportedly begun exploring a joint bank-issued stablecoin or deposit token project. Such a network could let banks collectively issue interoperable stablecoins, keeping customers in the banking fold but offering the tech benefits of crypto. Likewise, some banks have built private stablecoins (e.g. JPMorgan's JPM Coin for corporate clients) to enable instant settlement on their own platforms. Another avenue is partnering with stablecoin companies: banks providing custody for reserves, or integrating stablecoin wallets in online banking. As one crypto analyst put it, banks can embrace stablecoins to stay relevant – for example, issuing their own to let customers enjoy 24/7 programmable dollars while the bank retains the customer relationship and deposits (in a reserve account).

Ultimately, incumbent payment providers and banks are at an inflection point. Those who adapt – by lowering costs, leveraging blockchain tech, and finding new roles in a stablecoin-driven ecosystem – could thrive and even see new revenue streams (like servicing stablecoin flows). Those who resist may find themselves gradually bypassed by more efficient digital dollar networks. The likely outcome is a convergence: card networks and banks become important bridges and service providers in the stablecoin economy (ensuring compliance, offering ramp-on/off services, etc.), even as the core value transfer runs on crypto rails. We're already seeing this convergence with collaborations like Stripe's stablecoin payouts that bypass SWIFT for global freelancer payments and Mastercard enabling stablecoin use in its network. In sum, stablecoins are forcing traditional players to innovate and compete, which could mean better, cheaper financial services for everyone in the long run.

Real-World Adoption: Coinbase, Stripe, and Others Leading the Way

The stablecoin revolution is not just theoretical – many leading companies have been actively building and adopting this technology. Coinbase, one of the largest cryptocurrency platforms, has been a major proponent of stablecoins. It co-founded the USD Coin (USDC) in partnership with Circle, helping launch a fully reserved, regulated dollar stablecoin now widely used across the industry. Coinbase enables millions of users to buy, sell, and hold USDC, and even offers interest rewards for holding it on their platform. The company positions USDC as "the digital dollar for the global crypto economy," usable for commerce, remittances, or as a hedge against local currency volatility.

In a recent Coinbase report, the company highlighted how stablecoins are powering real-world use cases and addressing businesses' biggest financial pain points – from expensive payment processing to slow cross-border transfers. An overwhelming 81% of crypto-aware SMBs in a survey expressed interest in using stablecoins in their operations. Coinbase is tapping into this demand: it launched Coinbase Commerce, allowing online merchants to easily accept cryptocurrencies including stablecoins; it also built Coinbase Pay and wallet integrations to simplify using stablecoins in everyday transactions. And with the Base network (Coinbase's own Layer-2 blockchain) now live, Coinbase is collaborating with partners like Shopify to facilitate stablecoin payments on scalable rails. These initiatives by Coinbase aim to make stablecoins as familiar and easy as any payment method for both merchants and consumers.

Stripe, a global payments tech firm, has likewise emerged as a trailblazer in stablecoin adoption. In 2023–2025 Stripe embarked on a series of moves to integrate crypto stablecoins into its products, seeing an opportunity to improve global payments. One milestone was Stripe's introduction of USDC payouts to 70+ countries, enabling marketplaces and platforms using Stripe to pay out freelancers and sellers in digital dollars if they choose – a faster alternative to international bank transfers. By 2025, Stripe expanded this with Stablecoin Financial Accounts for businesses in 101 countries, giving them the ability to hold and manage funds in USD stablecoins natively. This effectively offers entrepreneurs in places with unstable banking a dollar-denominated account without needing a U.S. bank. Stripe even acquired a crypto startup (called "Bridge") and, with it, launched the first stablecoin-linked Visa cards that let businesses spend their USDC balances anywhere Visa is accepted. Behind the scenes, Stripe's APIs now allow companies to convert fiat to stablecoin and back, issue custom tokens, and integrate stablecoins into treasury operations.

The impact of these moves is significant: by early 2025, stablecoin transaction volumes on Stripe's network had surged to $94 billion annually, with business-to-business (B2B) cross-border stablecoin payments skyrocketing from just $100 million in 2023 to $3 billion in 2025. Stripe's bet is that by solving the pain points of cross-border commerce (cutting out SWIFT fees, delays, and FX issues), it can tap into enormous new volumes – and the numbers are bearing that out.

Other major companies joining the stablecoin space include PayPal, which in 2023 launched its own U.S. dollar stablecoin (PYUSD) aimed at bringing crypto payments to its huge user base. Societe Generale, one of France's largest banks, issued a Euro stablecoin (EURCV) in partnership with the European Central Bank, using it for corporate treasury payments. Big Tech players are circling as well: as of mid-2025 Apple, Google, and even Elon Musk's X (Twitter) have been exploring stablecoin integrations. Google reportedly piloted stablecoin payments internally, Airbnb discussed using stablecoins via a payment processor to cut card fees, and X is working on adding stablecoins to its X Money features. Meanwhile, traditional finance giants like JPMorgan, Citi, and others (as noted earlier) are looking at issuing stablecoins or tokenized deposits of their own. Even national governments indirectly are getting involved: some emerging market central banks have discussed holding stablecoin reserves or using stablecoins for international settlements to complement dollar reserves.

Crucially, all these efforts point to stablecoins becoming embedded in the fabric of everyday finance. When a Shopify merchant or a freelancer on Stripe can transact in stablecoins without needing to understand crypto wallets or blockchain technicalities, it signals true mainstreaming. The collaboration between Shopify, Coinbase, and Stripe allowed stablecoin payments with no new integrations or complexity for merchants – they continue using their normal checkout and get paid in their currency of choice. This kind of seamless user experience, powered by companies like Coinbase and Stripe under the hood, is what will drive the next wave of stablecoin adoption. The private sector is clearly investing in the infrastructure, from APIs to consumer apps, to make digital dollars an everyday reality.

The Future: A Thriving Stablecoin Ecosystem in 2030 and Beyond

Looking ahead, the stablecoin ecosystem of the future could be orders of magnitude larger and more interconnected than today. Analysts and officials forecast robust growth: U.S. stablecoin market cap could exceed $2 trillion by 2028, and potentially reach over $5 trillion by 2030 if current trends continue. At that scale, stablecoins would rival the size of the M2 money supply of some large economies, truly cementing themselves as a core part of the financial system. What might a mature stablecoin-centric financial landscape entail?

Everyday Commerce and Payments: In a thriving scenario, consumers might use stablecoins as casually as cash or cards – paying for groceries, streaming subscriptions, or Uber rides with digital dollars. Thanks to integrations (like the Shopify example), this could happen behind the scenes with minimal friction. Stablecoin payment apps or wallet cards could become as ubiquitous as Visa/Mastercard today, but with lower fees and instant settlement. This might force incumbent payment fees down, saving merchants billions in processing costs. We may also see micropayments and machine-to-machine payments flourish (e.g. IoT devices paying each other in tiny stablecoin fractions) since stablecoins handle small transactions efficiently.

Global Financial Inclusion and Dollarization: By 2030, many more people in developing countries could be holding and transacting in USD stablecoins, effectively "dollarizing" via crypto for daily needs. This could stabilize finances for millions living under high inflation or unstable banking. A farmer in Africa might receive crop payments in stablecoin via a mobile app; a freelancer in South America might invoice global clients in USDC; an unbanked family could save their earnings in a digital dollar wallet that protects against local currency crashes. Such an ecosystem broadens access to the stability of the dollar without requiring U.S. banking infrastructure. It also extends U.S. monetary influence: as Deutsche Bank noted, by anchoring stablecoins to the dollar and giving them global reach under U.S. oversight, the dollar's role could be strengthened worldwide.

Integration with Traditional Finance: Rather than existing on an island, stablecoins will likely deeply integrate with banks and capital markets. We can expect banks issuing their own stablecoins or tokenized deposits at scale, allowing customers to toggle between on-chain and off-chain seamlessly. This could preserve the credit function (banks still lending behind the scenes) while giving users the benefits of crypto speed and programmability. Financial infrastructure might evolve so that sending a stablecoin is as easy as an email – potentially using decentralized networks but with compliance layers for identity and fraud prevention. Incumbent networks like SWIFT might adopt stablecoin-compatible protocols for cross-border transfers, or risk losing relevance to crypto-native networks. Governments might also launch Central Bank Digital Currencies (CBDCs) that interoperate with stablecoins, though in the U.S. the private sector stablecoins could obviate the need for a Fed-issued digital dollar by achieving the same goals with less direct government control.

Programmable Finance & DeFi mainstream: In a thriving stablecoin future, decentralized finance could become mainstream finance. Stablecoins could serve as the backbone for DeFi lending, yield markets, and asset trading that operate 24/7 with global liquidity. We might see corporations and individuals earning yield on idle funds by parking stablecoins in various on-chain markets, or taking out collateralized loans in stablecoins within minutes. Financial contracts like insurance, derivatives, and letters of credit might be commonly executed via smart contracts using stablecoin payments. This "composable finance" could increase competition and innovation in financial products, much as the internet did for information and commerce.

Regulatory Clarity and Stability: A necessary condition for this future is clear regulatory frameworks that encourage innovation while protecting consumers. By 2030, frameworks like the U.S. GENIUS Act and EU's MiCA will likely be in force, providing guardrails on reserves, audits, and consumer protections for stablecoin issuers. Such clarity can boost trust and institutional adoption – evidenced by how markets with clear rules (e.g. Europe) are already attracting more investment into stablecoin ventures. In the U.S., a federal license or oversight regime for stablecoin issuers could be established, ensuring that major stablecoins are safely backed and giving holders confidence (possibly even FDIC-style insurance or lender-of-last-resort facilities in extreme cases). With these measures, stablecoins could weather market shocks and avoid runs, making them dependable for the long haul.

In summary, a thriving stablecoin ecosystem a few years from now could mean digital dollars everywhere: embedded in apps, powering payments large and small, and accessible to anyone online. Money would move as seamlessly as text messages, and financial services would be more inclusive and programmable. The private sector, having built much of this infrastructure, would continue to innovate on top of it – perhaps well beyond simple currency: imagine stablecoins for other major currencies, tokenized deposits and securities, and a network-of-networks tying them all together.

The implications of such a future are profound. If stablecoins indeed become "the future of money", they could reinforce the U.S. dollar's global dominance by exporting it digitally, even as they democratize access to that stable value. They could discipline banks and payment providers into offering better, cheaper services. And they could unlock new economic opportunities by enabling commerce that's faster and more global than ever before. As one observer noted, this shift is no longer hypothetical – "the stablecoin era is now", and those who embrace it will shape the next chapter of finance. In the words of Treasury Secretary Bessent, it truly appears to be a "win-win-win for everyone involved: the private sector, the Treasury, and consumers."