⚡️ Xiao Hei is milking again! @CryptoHayes Three major discussions were made at the conference, roughly summarized and the logic behind it - 1⃣ The crypto bull market will continue until 2028. 📍 As long as the U.S. fiscal deficit persists, new buyers are needed to digest the Treasury bond - stablecoins naturally have the momentum to expand. Therefore, based on this strategic motivation, the U.S. government will promote stablecoin policy and direct global dollar flows to a controlled stablecoin system, which will become a stable source of structural funds. If stablecoins do rise to 10T scale, it is equivalent to reanchoring the cornerstone of the Crypto market to the U.S. fiscal system, and in an environment where interest rates fall to 2%, the transformation of a "speculative bull market" ➡️ and "debt bull market" can be completed. 2⃣ The real goal of the United States: to recover offshore dollars with stablecoins, which is essentially an extension of financial hegemony. 📍 In the past, the Eurodollar market was free from US regulation, but now through stablecoins, the United States can control the offshore dollars originally in the Eurodollar market (10–13 trillion yuan), reintegrate them, and achieve fiscal control. This means that the monetary policy space of other sovereign countries will be further compressed, especially developing countries. 3⃣DeFi becomes the new bond market: a large number of stablecoin funds will look for on-chain income scenarios. 📍 Xiao Hei named four projects that he believes will become the main DeFi beneficiaries and fund recipients - Ethena: On-chain stable income cornerstone (sUSDe). Hyperliquid: A new way to play contract liquidity and funding rates. Codex: A new experimental field for financial structures. Arthur Hayes' logic can be summed up in one sentence: U.S. fiscal deficit → Stablecoin expansion → Stable demand for U.S. bonds → Global dollarization deepening → Capital inflows into DeFi → The bull market continues into 2028.