For sure, Makes sense to push global demand of tether on the front end to backstop bond issuance on the back end!

But what's the end game? I still feel like it's a niche product for certain people who remit, trade across boarders or have poor local financial services. In South Africa for example, you can have USDT but you need a liquidity provider like an exchange to get goods and services, which is ultimately what people want.

As for a macros side lets say a nation goes onto a USDT standard, it now has no wiggle room to devalue their currency to remain competitive or ease their debt burden?

I do think there's merit to the dollar milkshake theory I just don't think its the only force at play