Zhu Su sees U.S. debt crisis driving more on-chain corporate bonds, lower stablecoin demand

Zhu Su, co-founder of bankrupt crypto hedge fund Three Arrows Capital and founder of OPNX, said a U.S. debt crisis could spur more on-chain issuance of corporate bonds as companies seek cheaper funding, potentially reducing demand for stablecoins. In a post on X, Zhu said there is little reason to hold stablecoins with a 0% yield if the dollar is rapidly losing value, adding that holding Apple corporate bonds with a 6% yield would be preferable. Zhu also said companies would move corporate bonds on-chain to raise funds more cheaply from investors holding dollars, and stablecoin demand would decline significantly overall.