The US’s big bet on stablecoins, via the GENIUS Act—feels like a strategic but desperate move to expand the buyer base for T-bills, specially as traditional foreign demand begins to fade because of tariffs and rising risks. But these two charts should raise alarm: we're expecting US backed stablecoins to gain adoption, but as U.S. debt climbs and T-bills become riskier, so do the stablecoins backed by them. When that moment arrives—how will the fiat backed stablecoins maintain their peg?