Former BitMEX CEO Arthur Hayes is making a bold call: the crypto bull market isn’t just continuing, it’s got legs until 2028.
His reasoning goes beyond market charts; it’s a deep dive into global finance, specifically how the U.S. government plans to use stablecoins to get its fiscal house in order.
Speaking at the WebX conference in Tokyo, Hayes laid out his theory that the U.S., buried under a mountain of debt, will use stablecoins to take back control of global dollar flows.
Hayes thinks the U.S. is going after the massive $10-13T Eurodollar market, money held in dollars outside U.S. banks. The plan, he argues, is for Treasury Secretary Scott Bessent to push countries to adopt U.S.-backed stablecoins.
This would force stablecoin issuers to hold their reserves in American banks and use that cash to buy U.S. Treasury bonds.
It’s a genius move for the government: a built-in buyer for its debt. This strategy would give Washington unprecedented power over offshore dollars and even let it influence monetary policy without the Federal Reserve’s direct involvement.
According to Hayes, as interest rates drop to 2%, the stablecoin supply could balloon to $10T, providing the fuel to keep the bull market pumping through 2028.
DeFi’s Moment to Shine
Hayes isn’t just making a macro prediction; he’s pointing out which parts of crypto are set to win big. He’s got his eye on four promising DeFi projects: Ethena,
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Author: Ben Wallis
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