This is the part where Andy and I most strongly disagree. The most common pathway that I used to see when running a scaled stablecoin was someone who did not have USD at all wanting to get a USD stablecoin. This is what I think people in the US are uniquely unequipped to understand. They think primarily of money inside the system. No, that's not the problem! It's money outside the system that wants to get in. In a pedantic sense, it is correct that the action of selling something like a bolívar to get a dollar does not create net new dollars. But it would alter both FX rates and interest rates in dollars. It is also relevant that many of these people could not previously get a dollar at all, except in the black or grey market (and then it's hard to get them at scale). But now the pathway is local -> crypto -> USD stablecoins, and a huge number of people have access to that. So yes, there will be net new demand for dollars. Does that mean we print dollars? Not necessarily. It might mean lower interest rates, which is what Secretary Bessent has been talking about and is a demonstrable effect. Simply put: the majority of holders of USD stablecoins were often not previously buyers of USD assets, or at least not at the scale they can now.