Former BitMEX CEO Arthur Hayes has made a bold prediction that the current cryptocurrency bull market will extend until 2028, driven primarily by the United States government's strategic adoption of stablecoins to address its fiscal challenges. Speaking at the WebX conference in Tokyo on August 25, Hayes outlined his theory that the U.S., burdened by massive debt, will leverage stablecoins to regain control over global dollar flows.
Hayes specifically targets the $10-13 trillion Eurodollar market—dollars held outside U.S. banks—as the primary focus of this strategy. He anticipates that Treasury Secretary Scott Bessent will pressure countries worldwide to adopt U.S.-backed stablecoins, forcing issuers to hold reserves in American banks and use that capital to purchase U.S. Treasury bonds. This approach would create built-in demand for government debt while giving Washington unprecedented control over offshore dollar movements.
The recent passage of the GENIUS Act in July 2025 provides regulatory framework for payment stablecoins in the United States, adding legitimacy to this development. Hayes expects stablecoin supply to balloon to $10 trillion as interest rates drop to 2%, creating sustained liquidity that will fuel the crypto bull market through 2028.
Hayes highlighted several DeFi projects positioned to benefit from this influx, including Ethena (ENA), HyperLiquid (HYPE), and Ether.Fi (ETHFI). These platforms offer yield opportunities unavailable in traditional banking and are expected to become major hubs for innovation as capital shifts from centralized to decentralized platforms.