According to @Andre_Dragosch, most USD stablecoins are held offshore in a Eurodollar-style system. Source: @Andre_Dragosch. He explains that stablecoin issuers buy Treasury bills, creating a capital inflow to the US, but the US Treasury later pays interest and principal back offshore, resulting in a net capital outflow. Source: @Andre_Dragosch. He argues this dynamic worsens the US Net International Investment Position and challenges the claim that stablecoins function as a geopolitical tool to fund deficits without exporting dollars. Source: @Andre_Dragosch. For crypto traders, he implies that an expanding stablecoin float may signal offshore dollar demand rather than sustained US-based liquidity for risk assets. Source: @Andre_Dragosch.