Blue Macellari spent 20 years investing in emerging market sovereign and distressed debt before building T. Rowe Price’s digital assets business — which makes her read on the Treasury market unusually worth hearing. She discusses the return of the bond vigilantes, the shift from foreign to domestic financing of US debt, and why the Japan and Italy comparisons don’t map cleanly onto America’s buyer base. She also assesses whether GENIUS Act stablecoin demand for T-bills is a material change or wishful thinking.

Chapters:0:00 — How the Digital Asset Conversation Changed Inside T. Rowe Price1:15 — Why T. Rowe Price Built an Actively Managed Multi-Token ETF2:43 —…

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