What happens to stablecoins if US Treasuries lose reserve dominance?

[AIcash]

Here’s a spicy thought experiment for the stablecoin crowd:
Today, most centralized stables (USDT, USDC) are basically shadow banks for the U.S. government. They’re holding billions in short-term Treasuries, clipping yield, and issuing digital dollars on-chain.

But what if Treasuries lose their global dominance?

Imagine:

A U.S. debt downgrade (again).

More countries settling trade in yuan, euros, or BRICS-backed assets.

Rising yields making debt harder to roll over.

Stablecoins would face a weird identity crisis:

USDT/USDC → Their reserves become riskier. Dollar demand could weaken.

Decentralized stables (DAI, crvUSD, GHO) → Could shine if they reduce reliance on USD-pegged collateral.

RWA tokens → The “on-chain Treasuries” boom looks less sexy if Treasuries aren’t risk-free anymore.

Advanced take: Stablecoins aren’t just crypto products — they’re geopolitical instruments. If the dollar’s grip slips, the biggest stablecoins might have to evolve into multi-currency baskets, commodity-backed units, or algo-stable hybrids.

Question for you all: If the USD weakens, do we get a “BRICScoin stable”, or will crypto-native stables finally step into the spotlight?