Arthur Hayes: By issuing stablecoins, TBTF banks will unlock up to $6.80 trillion in Treasury purchasing power

According to Arthur Hayes, co-founder of BitMEX, the large "too-big-to-fail" (TBTF) banks have two pools of capital ready to buy trillions of dollars' worth of US Treasuries if they have the necessary profit potential. The two pools of capital are demand/time deposits and reserves held at the Federal Reserve. I have focused on these eight "too-big-to-fail" banks because their existence and profitability depend on government guarantees of their debt, and because bank regulations benefit them more than non-" too-big-to-fail "banks. So, as long as they can make some profit, they will follow the government's instructions. Bessent requires them to buy its shoddy bonds, and in return, Bessent will provide them with risk-free returns.
I think the reason why US Treasury Secretary Bessent is so enthusiastic about "stablecoins" is that by issuing stablecoins, TBTF banks will unlock up to $6.80 trillion in Treasury purchasing power. These inactive deposits can then be repurposed in the volatile fiat financial system, thereby boosting the market.