As a crypto analyst who’s seen this play out for decades, I’m not here to cheer for Circle or speculative DeFi dreams. The real action? Systemically important banks (TBTF) are now deploying stablecoins as collateralized conduits to absorb $10.1 trillion in U.S. Treasury liquidity—powered by regulatory shifts, not decentralization. This isn’t fintech disruption—it’s state-backed monetary engineering, quietly unfolding under your radar.