Bitcoin now central to the debasement debate, says T. Rowe Price's Blue Macellari

Blue Macellari spent two decades investing in emerging market sovereign and distressed debt before she built T. Rowe Price's digital assets operation, which gives her Treasury market analysis particular credibility. She talks about the comeback of bond vigilantes, the transition from foreign to domestic funding of U.S. debt, and why comparisons with Japan and Italy do not accurately reflect America's buyer structure. She also examines whether demand for Treasury bills from GENIUS Act stablecoins is a real development or just speculation.

The interview covers: how the digital asset discussion evolved inside T. Rowe Price, why the firm created an actively managed multi-token ETF, tokenization at scale and automation of asset management, bifurcated liquidity and the risks of 24/7 trading, the Brazil mortgage story that turned into a Bitcoin origin story, global liquidity and fiscal concerns with the return of bond vigilantes, foreign vs. domestic Treasury buyers and the Japan comparison, whether GENIUS Act stablecoins can generate real T-bill demand, why the debasement trade drives institutional allocations, volatility as a portfolio tool, and the generational allocation split.

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