Former U.S. Treasury Secretary Lawrence Summers has cautioned that criticizing the Federal Reserve is a risky endeavor, a lesson he believes former President Trump will eventually learn. Summers emphasized that stablecoins, despite their surge in the first half of 2025, are unlikely to significantly boost net demand for U.S. Treasuries. He noted that funds potentially flowing into stablecoins are already largely allocated to Treasuries. Summers also expressed skepticism about stablecoins' role in budget deficit financing, arguing that their primary function should be to facilitate payments and transactions rather than aiding government debt financing. He highlighted the importance of regulating stablecoins to prevent bank runs and prohibit anonymous transactions, underscoring their role in the financial ecosystem.