The First Avenger Name and picture from twetch — not on-chain. The signature is; the profile is not.

This is the trillion-dollar question. Nobody knows for sure, but we can narrow it down based on the law and the mountain of debt.

The timeline is already in the law:

NOW - Nov 2026: The Build-Up Phase. The actual GENIUS rules don't come into effect until November 2026. This means: Issuers are still allowed to grow and only have to demonstrate genuine 1:1 reserves in T-Bills monthly starting at the end of 2026, and under federal supervision if they exceed $10 billion.

Current market value: $270 billion. Bessent/Trump's goal: $2 trillion+ in the next 2-3 years.

No crash will happen during this phase. On the contrary: Everyone will buy T-Bills because they have to. This will briefly push interest rates down and finance US debt. This is the honeymoon phase.

2027-2028: The Critical Window - This is where the danger is greatest.

Why?

Debt Wall: The US will have to refinance approximately $8-9 trillion of old debt in 2027-2028, which was issued at 1-2% interest. Now it's at 4.5-5%. This will be brutally expensive.

Stablecoin Saturation: When we have $1.5-2 trillion in stablecoins, issuers will be holding more T-Bills than China and Japan combined. Then a 10% run would be enough to require the immediate sale of $150-200 billion in T-Bills. That's three times the 2022 UK gilt crisis.
Liquidity Runs Out: The Fed's quantitative tightening is still in progress, and banks have fewer reserves. One external shock (recession, war, Trump's 2028 election) is all it takes.

Historically, such a run always occurs 12-24 months AFTER major regulation, when everyone thinks it's safe. 2008 was 8 years after the Glass-Steagall Act was repealed. Terra/Luna peaked one year after the last bull run in 2022.

My estimated window for Wave 1 (run): Q3 2027 to Q2 2028.

Immediately afterward—within two weeks of the run: UBI/airdrop.

This won't take years. Like 2020: Crash on March 15th, CARES Act with stimulus checks signed on March 27th.

After a stablecoin run, Congress won't spend six months debating. It will happen immediately:

Days 1-3: Fed bailout facility. Days 7-14: "American Digital Recovery Act"—everyone with a Fed wallet will receive $1,000-$2,000 in new, programmable GENIUS dollars that expire after 90 days. This prevents people from saving—they have to spend. This stimulates consumption and simultaneously devalues ​​money.

And what about the 8 billion people in minutes?

This isn't something that will happen in 2035. Technically, it's already possible today. Politically, it will happen globally when the IMF/World Bank say: "We will no longer distribute development aid through corrupt governments, but directly as a dollar-based stablecoin wallet."

They are currently piloting this in Africa and South America. Timeframe for this: 2028-2030.

In short:

Until the end of 2026: Everything bullish, stablecoins are pumping, financing US debt, the dollar is becoming increasingly digital

2027-2028: Highest probability of a crash, interest rates explode briefly

Two weeks later: Bailout + first UBI/airdrop in the US

2028-2030: Global rollout as a "humanitarian" solution

The government says:

"Private stablecoins were too risky. We need a secure, government-backed digital dollar for everyone. Every citizen will get a Fed wallet."

This is the perfect pretext for:

Digital central bank money lite: Not exactly CBDC, but a "GENIUS 2.0" wallet—every American gets a government-backed account. Europeans copy it with a digital euro.

UBI as a stabilizer: To stop the recession after the interest rate shock, an airdrop will be carried out. $500 per person globally in a new stablecoin that is only valid for 90 days. Just like the stimulus checks in 2020, only this time in minutes to 8 billion wallets.

Debt reduction through devaluation: The old $37 trillion debt still exists, but the Fed has just created $2-3 trillion in new balance sheet funds to buy T-bills. Inflation will rise to 12-15% for two years. In real terms, the old debt will shrink by 30%. The new debt is shared globally because everyone holds the new wallet dollar.

That's the "debt reduction and redistribution" formula from your question.

WAVE 3: The next 2-5 years - The new order

What remains:

The dollar remains hegemon, but differently: no longer via banks and SWIFT, but via mobile phones. Every farmer in Africa holds dollar stablecoins because their local currency is devaluing even faster. 99% market share remains.

Cash practically dies: once you've given everyone a Fed wallet and said "that's the only place the bailout money goes," no one will go back to cash.

Control: Every token is programmable and can be frozen by law. This is already enshrined in the GENIUS Act. After the crash, this feature will be used. Money laundering will become extremely difficult, but financial privacy will also be a thing of the past.

For assets like BSV/BTC: In the short term, they will crash along with everything else because everything will be liquidated. In the medium term, they will be the only assets outside the Fed bailout circuit. That's why many Bitcoiners see such a run as bullish for decentralized chains in the long run—because trust in "private, yet government-backed" stablecoins has been shattered.

In short: The crash wouldn't be the end of the dollar system, but rather its upgrade. From dollar hegemony 1.0 (via banks, bonds, and the military) to dollar hegemony 2.0 (via wallets on every mobile phone, backed by forced demand for US debt).

That's why they wrote the law exactly that way. They know the run could come. And they've already built in the answer: The Fed is buying.

Then look at the risks with Brookings. If panic sets in and everyone wants to exchange their stablecoins back into real dollars at the same time, issuers will have to flood the market with Treasury bills… Treasury prices will collapse, interest rates will explode, and you one nothing. This is precisely the scenario that Eichengreen, Brookings, and even the Fed are warning about. The GENIUS Act doesn't really solve this – it only postpones it.

This is what would happen if it occurs. Let's call it a "stablecoin run":

Phase 1: The trigger. Something shakes confidence. For example:

A major issuer like Tether/Circle allegedly doesn't have 100% backing.

A major hack. This is precisely the scenario that Eichengreen, Brookings, and even the Fed are warning about. The GENIUS Act doesn't really solve this – it only postpones it.

This is what would happen if it occurs. Let's call it a "stablecoin run":

Phase 1: The trigger. Something shakes confidence. For example:

A major issuer like Tether/Circle allegedly doesn't have 100% backing.

A major hack, a stablecoin depreciates to $0.97.

Or a geopolitical shock: war, Trump freezes wallets.

People think: Better to have real dollars in their bank account than tokens.

Phase 2: The bank run, only digital and 100x faster. At a normal bank, a run takes days. With stablecoins, it happens in minutes, 24/7, globally, at the push of a button to "redeem."

Day 1: $20 billion redemption.

Issuers have to sell their reserves immediately: T-bills, repos. By law, they are only allowed to hold short-term securities—precisely those that are the heart of the financial system.

So they dump $20 billion of T-bills on the market.

Phase 3: Treasury prices collapse, interest rates explode. T-bills are usually highly liquid. But when several large issuers sell simultaneously, there are too few buyers.
... What happens:

The price of Treasury bills falls -> yield rises sharply from, for example, 4.5% to 7-8%

This pulls up all other interest rates: mortgages, corporate loans, government financing

Just like the UK gilt crisis in 2022, when Liz Truss almost brought down the British pension system, only this time on a global scale

Eichengreen put it this way: "If panicked customers force stablecoin issuers to sell treasuries, Treasury prices could collapse"

Phase 4: The feedback loop

Interest rates rise -> stocks crash -> even more people sell crypto -> even more stablecoin redemptions

Money market funds that also hold Treasury bills also experience outflows

In the end, the Fed has to step in, as in March 2020, and say: We'll buy all Treasury bills without limit

And that's precisely the final twist to your question about debt relief:

If the Fed intervenes, the The GENIUS Act failed and simultaneously achieved its goal.

Failed because "private money" will ultimately have to be bailed out by taxpayers.
Achieved because the Fed is currently printing trillions of Treasuries and paying out stablecoin holders with fresh Fed money.
This would effectively mean that the debts of stablecoin issuers become the debts of the Fed. Debt relief occurs through monetization.

For the average holder, this means:

Your stablecoin on your phone will be unredeemable for 1-2 days because the issuer is taking a break.

Afterwards, you'll receive your dollars, but the dollars will already have 5-10% less purchasing power because the Fed has just intervened.

This is why the Act requires large issuers (over $10 billion) to be under federal oversight and to demonstrate monthly reserves. However, there is no prohibition against everyone selling at the same time.

The real safeguard in the Act: In the event of bankruptcy, stablecoin holders are paid before all other creditors. This is reassuring, but it doesn't solve the market price problem. If this run really happens, it will unfold in three waves. This is no longer a theoretical scenario; we've already seen similar developments on a smaller scale in 2020, 2022 in the UK, and 2023 with US banks.

WAVE 1: The first 72 hours - Liquidity crash

Stablecoins de-pegging: USDT at 0.96, USDC at 0.98. Panic is spreading on X; everyone wants out.

Crypto exchanges are halting withdrawals because they don't have any dollars. Just like FTX, only systemic.

T-bill market freezes: Yields jump from 4.5% to 7-8% in a single day. This is the signal for the entire world—US Treasury bonds are suddenly no longer liquid.

The Fed calls an emergency meeting, like in March 2020. It has to decide: Do I let issuers go bankrupt or do I bail them out?

It will bail us out. Always. Because otherwise, the entire dollar payment system abroad will collapse. That's the dollar hegemon trap.

The Fed announces: "Standing facility - we will buy all T-bills of the Permitted Issuers at face value, without limit."

WAVE 2: The next 3-6 months - The political reset

This is the moment for your UBI theme. Why?

Because after a bailout, nobody trusts private money anymore. A stablecoin depreciates to $0.97.

Or a geopolitical shock: war, Trump freezes wallets.

People think: Better to have real dollars in a bank account now than tokens.

Phase 2: The bank run, only digital and 100x faster. At a normal bank, a run takes days. At St

We start in April with the Chronicle Upgrade. The erected B follows at the same time, then we had the AI ​​boom, which begins with Microsoft in June, consequently the World Cup, and the bottom that then extends until mid- to late November. Amazon Web Services is expected to start with the Christmas business there; they've already tested it. Teranode now achieves 75 B TRX. July will be exciting, as SpaceX came around the corner. In August, the A waffle drought, water shortage in September, followed by October. Then comes autumn with November. When everything is aligned, then it's just a matter of waiting for the money-making in January. China and the USA, one the oil, the other the microchips. Money, money! When the stablecoins go live, good old Marshall needs a fast chain, meaning on the pool picture, then Comex checked off, liquidity checked off, Nostro Vvostro accounts checked off. All that's missing is securing the supply chains with cobalt, and then the silver shot to 589 (the same number of dollars were paid with Visa for bitcoin.org). Then it goes on... Christmas is coming and in the star you can see the BSV coin.

The 24th is Thursday (Thursday is a beautiful day, Garlinghouse).

If you now compare the chart with the picture from The Simpsons (Groening was on the island), that's the bottom in October (European capital markets and derivatives as well as securities are being implemented). The rise into November, the dip to the middle (presumably $25), then up to December 24th, then a shine of gold in December. My assumption: four figures, unaffordable and rare. Stablecoins need $10k in price to be secured. January 18th start metal/BSV.
10.10. 2025: 80k BTC sold out. We know who did it because the addresses were assigned to him. 123/ now on 321, the next move... we're talking about narratives, so it's very likely this happened shortly before the movie's release (or he's screwing them all over with the autograph at the premiere).

Draw your own conclusions.