Former BitMEX chief executive Arthur Hayes, in a new essay titled “Buffalo Bill,” argues that the U.S. government could turn dollar-pegged stablecoins into a geopolitical tool, drawing as much as US$34 trillion in deposits away from the offshore eurodollar market. He contends the shift would strengthen Washington’s financial reach while channelling unprecedented liquidity into decentralised finance applications. Hayes forecasts that the resulting capital inflows could spark a multiyear DeFi bull market and deliver outsized gains for several projects. He singles out Ethena (ENA), EtherFi (ETHFI) and Hype (HYPE), projecting price increases of 51-, 34- and 126-fold, respectively, by 2028. He also describes the Codex stablecoin venture as poised to become “the first true crypto bank.” Hayes acknowledges that only about a quarter of his previous market calls have proved correct, yet maintains that stablecoins are on track to become the primary on-ramp for global capital into blockchain finance. His thesis arrives as policy makers debate the systemic role of privately issued digital dollars and as industry events in Hong Kong and elsewhere spotlight stablecoins’ growing influence.