Part 15/16:

In essence, Livingston’s thesis is that Tether is functioning as a stateless, full reserve, high-velocity monetary entity that could soon eclipse traditional sovereign currencies in speed, security, and collateral quality. Its strategic accumulation of Bitcoin, combined with favorable macroeconomic trends—rising deficits, declining yields, and surging stablecoin demand—suggests a future where the center of monetary gravity shifts from central banks to a decentralized, digital, Bitcoin-backed system.

Tether's evolution from a dollar-pegged stablecoin to a Bitcoin collateralized reserve could herald the birth of a new monetary era—a "harder," faster, and more resilient form of money rooted in the hardest asset known: Bitcoin.