Stablecoins might cut America’s debt payments. But at what cost?

A TRILLION DOLLARS. That number may keep Scott Bessent, America’s treasury secretary, up at night. Next year his government’s net interest payments will break the 13-figure mark. The combination of a bulging deficit, now worth 7% of GDP, and the sharp increase in government-bond yields over the past four years makes America’s budgetary mathematics increasingly ugly.