Even more importantly, how many people making a few hundred grand will come from this? That is the key. Uplifting all of humanity. The biggest impact always comes from the bottom.
I seem to take this for granted, but I think you're right. What matters is not the "big thing." For many, just making thousands or hundreds of USD from crypto is already big.
"Tens of trillions," just for daily activity? That's really beyond comprehension for a new reader of the Eurodollar market. However, somehow this gives us a reference for the amount of wealth that can be created in the crypto space.
The Repo market is $3-$4T per day. That is what the custodian (Bank of NY Mellon) and the primary dealers report.
What happens with the bilateral agreements? We honestly can only guess. There is no way to track an overnight agreement between a bank in Cyprus and one in the UAE.
What we do know is there is a collateral shortage and pristine collateral is US Treasuries. There is about $@0 trillion of those out there and there is a shortage.
So how much is being done each day? We can only guess.
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