Expand the base of stablecoins with a full, audited public inventory of sovereign assets, a proposal to shore up US public debt and to begin reinventing the global financial system.

Stablecoins are moving from the fringes of crypto to the center of finance. The US Genius Act requires issuers to hold reserves one-for-one in cash, deposits, and short-term Treasuries. That makes a digital dollar redeemable. It does not answer a deeper question: what makes money stable?

For a stablecoin, the answer is liquidity. The closer the reserves are to cash, the more credible the promise of redemption. But a token can remain redeemable for exactly one dollar while that dollar loses purchasing power. Redemption and value are different things.

Value ultimately rests on the sovereign behind the dollar. A Treasury bill is a claim on the US government: its power to tax, to borrow, and to honor its obligations. As stablecoins grow, so will their appetite for those claims. Issuers are already significant buyers.

Yet we examine only half of the balance sheet. Debt is.

On October 23, the Venezuelan Bishops’ Conference published a pastoral letter addressing the country’s social, political, and economic situation. At almost the same time, the opposition leader, María Corina Machado, announced that she was back in her home country.

Following the U.S. military intervention that led to Maduro’s ouster and last summer’s earthquake, Venezuela has virtually disappeared from the global spotlight.

The bishops describe a Venezuela that is left to fend for itself. It is unable to find a way out of political polarization and embark on a national path toward reestablishing the rule of law and “restoring the full validity of the Constitution.” On the other hand, there is a growing awareness that Venezuela lacks the power to determine its own future and that a process of national reconciliation is necessary to regain its sovereignty.

The overall situation in the country further fuels the emigration of the younger population, who see their chances of returning home slipping away. “We observe the existential weariness, family grief, and anguish of the Venezuelan diaspora,” say the bishops. The main.