Former BitMEX CEO Arthur Hayes is making a bold call: the crypto bull market isn’t just continuing, it’s got legs until 2028.

His reasoning goes beyond market charts; it’s a deep dive into global finance, specifically how the U.S. government plans to use stablecoins to get its fiscal house in order.

Speaking at the WebX conference in Tokyo , Hayes laid out his theory that the U.S., buried under a mountain of debt, will use stablecoins to take back control of global dollar flows.

Hayes thinks the U.S. is going after the massive $10-13T Eurodollar market, money held in dollars outside U.S. banks. The plan, he argues, is for Treasury Secretary Scott Bessent to push countries to adopt U.S.-backed stablecoins.

This would force stablecoin issuers to hold their reserves in American banks

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