https://giftarticle.ft.com/giftarticle/actions/redeem/3c0a70a2-2728-47c7-ab41-35415fa80136

Greeley from FT did a PhD at Princeton and now he offers great insight into this topic: what is money and how do you define moneyness.

That said, the author didn't spell out the potential consequence of Treasury losing moneyness. My understanding is that "moneyness" is also a property of collaterals. A volatile bond price means the collateral system could become unstable (https://www.cambridge.org/core/journals/perspectives-on-politics/article/rethinking-monetary-sovereignty-the-global-credit-money-system-and-the-state/33EE76D8B70FB954A03BF1124B79AA5C is another good read)