TechFlame reports that with regard to stablecoins that rose to prominence in the first half of 2025, former US Treasury Secretary Lawrence Summers said that stablecoins will not greatly increase the market's net demand for US debt because the large amount of capital that may flow in is already allocated to US debt, and he does not believe that stablecoins can substantially reduce the burden of fiscal deficits, and is skeptical about the claim that stablecoins will greatly help finance budget deficits. There are two major things that must be done to regulate stablecoins: one is to prevent bank crowding under multiple equilibriums, and the other is not to allow anonymous transactions. Stablecoins should exist because they facilitate payments and transactions, not because they help governments finance debt more easily. Furthermore, Summers added that over time, Trump will realize what all US presidents have understood, “bashing the Federal Reserve (Fed bashing) is an extremely risky game.”