Solana Co-Founder Issues Warning on Quantum Computing Threat to Bitcoin, Predicts Stablecoins Will Reshape US Treasury Market

Anatoly Yakovenko, the co-founder of Solana, has voiced concerns regarding the possible danger posed by quantum computing to the security of the Bitcoin network. Yakovenko indicated that the ability to crack the cryptographic algorithms used in Bitcoin could destabilize the network. In addition, Yakovenko addressed the increasing relevance of stablecoins, suggesting they could bring about significant changes in the US Treasury market. Yakovenko believes the increased adoption of stablecoins could create ongoing demand for the US dollar, ultimately impacting the interest rate structure and government financing operations. Yakovenko noted that stablecoins backed by assets like US Treasury bonds create a feedback loop, with increased demand for dollars leading to more Treasury bond purchases. This could lead to lowered interest rates and increased reliance on government debt to fund governmental operations. He emphasized the need for careful monitoring of these developments and their potential impact on global financial stability.