The GENIUS Act passed last summer, and now Washington is asking the next question: what do we actually do with stablecoins? Nik Bhatia walks Ken Hagan through the layered money framework, the offshore Eurodollar plumbing, and why exporting U.S. dollar stablecoins is a direct response to the e-CNY rollout. Along the way, he explains why stablecoins are a hidden Bitcoin accelerant and why every dollar minted offshore eventually finds its way to layer-one money.

🔶 Connect with Ken Egan on X: https://x.com/Bayman11771

🔶 Connect with Nik Bhatia on X: https://x.com/timevalueofbtc

🔶 Learn more about the Bitcoin Policy Institute: https://www.btcpolicy.org/

Chapters:

01:20 — Nik Bhatia Returns to DC: What's Changed in 2 Years

03:00 — Inside The Bitcoin Layer and the Layered Money Thesis

05:30 — From Repo Trader to Bitcoin Researcher

08:30 — Why BPI Was Asked to Tackle Stablecoins as Statecraft

11:30 — Front-Running China's Digital Yuan With U.S. Stablecoins

14:20 — The Eurodollar System: Who Actually Profits Offshore

17:00 — From LIBOR to SOFR — and Why the Eurodollar Is Next

22:00 — Layered Money, T-Bills, and the Hidden Bitcoin Accelerant

27:15 — What Bessent Really Means by "Strong Dollar"

30:00 — The Strategic Bitcoin Reserve Reframed: A Wallet for Tribute

35:40 — Bitcoin in Global Settlement and the Multipolar World

37:30 — Where to Find Nik Bhatia and TBL Pulse

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