Krugman has been out of the loop and he doesn't understand who the buyer of US treasuries is....Stablecoin issuers are the fastest growing segment of buyers.

The reason why its passing with such bipartisan support is exactly because of this: The gov needs buyers of debt, period. The alternative is to massively curtail gov spending, including ending most entitlement programs. 
 

freetx

Politics_And_Law

> Unless there’s a sudden outbreak of conscience and rationality on Capitol Hill, Congress is about to pass, with (alas) wide bipartisan support, the GENIUS Act, which will legitimize and normalize “stablecoins” — cryptocurrency tokens that, unlike the original tokens such as Bitcoin and its imitators, are supposed to be protected against wild fluctuations in their purchasing power, because they’re backed by conventional assets like Treasury bills.