The Federal Reserve’s own research says: stablecoins are already one of the biggest buyers of U.S. Treasuries.
In the latest economic briefing from the San Francisco Fed: over the past five years, U.S. Treasuries held by stablecoin issuers have increased by about $200 billion; the holdings of USDT and USDC have grown more than tenfold.
The comparison is straightforward: over the same period, China reduced its holdings of U.S. Treasuries, and the incremental amount from stablecoins was enough to fill more than 40% of that.
Since 2023, stablecoins’新增 demand for short-term U.S. Treasuries has exceeded Japan—the largest holder of U.S. Treasuries outside the United States.
At the current pace, by the end of 2030, stablecoin holdings of U.S. Treasuries could reach $400 billion.
This may also be part of the reason regulators are increasingly willing to open the door to stablecoins: the GENIUS Act, and this week the Treasury Department’s state-level certification rules, are all keeping this group of buyers inside the dollar system.
The total amount of dollar-backed stablecoins now stands at $313.2 billion (DefiLlama). Where do you think it will rank among the biggest buyers of U.S. Treasuries?
In the latest economic briefing from the San Francisco Fed: over the past five years, U.S. Treasuries held by stablecoin issuers have increased by about $200 billion; the holdings of USDT and USDC have grown more than tenfold.
The comparison is straightforward: over the same period, China reduced its holdings of U.S. Treasuries, and the incremental amount from stablecoins was enough to fill more than 40% of that.
Since 2023, stablecoins’新增 demand for short-term U.S. Treasuries has exceeded Japan—the largest holder of U.S. Treasuries outside the United States.
At the current pace, by the end of 2030, stablecoin holdings of U.S. Treasuries could reach $400 billion.
This may also be part of the reason regulators are increasingly willing to open the door to stablecoins: the GENIUS Act, and this week the Treasury Department’s state-level certification rules, are all keeping this group of buyers inside the dollar system.
The total amount of dollar-backed stablecoins now stands at $313.2 billion (DefiLlama). Where do you think it will rank among the biggest buyers of U.S. Treasuries?