💵 Stablecoin issuers hold hundreds of billions in U.S. Treasury bonds
As a key bridge connecting digital assets and traditional finance in the cryptocurrency market, the management of reserve assets by stablecoin issuers has garnered significant attention. In recent years, leading stablecoin issuers (such as Tether and Circle, the issuer of USDC) have seen the scale of U.S. Treasury bonds they hold continue to rise, with some exceeding $100 billion. This phenomenon reflects the maturation of the stablecoin industry and reveals its deep ties to the traditional financial system.
Market Size and Reserve Structure
• The global stablecoin market value has reached $260 billion, accounting for 8% of crypto assets
• Tether holds $120 billion in U.S. Treasury bonds, surpassing multiple sovereign countries
• Circle (USDC) holds over $22 billion in U.S. Treasury bonds
• Approximately 80% of the stablecoin industry's reserves are allocated to U.S. Treasury bonds
Policy Drivers and Institutional Participation
• The GENIUS Act requires 1:1 reserves for payment stablecoins, allowing U.S. Treasury bonds to qualify as assets within 93 days
• European bank Société Générale has launched the CoinVertible product
• Ant Group, JD.com, and other tech companies are focusing on the Hong Kong stablecoin market
• The high liquidity and low-risk characteristics of U.S. Treasury bonds enhance the credit backing of stablecoins
Trading Opportunities
• Monitor the relationship between U.S. Treasury yield and stablecoin premium/discount (currently 0.15%-0.25%)
• Track the impact of reserve structure adjustments prior to the implementation of the GENIUS Act on short-term Treasury bonds
• Extreme volatility in BTC/ETH may trigger on-chain liquidity rebalancing
Market Sentiment
• 73% of users believe that U.S. Treasury reserves enhance the credit rating of stablecoins
• Some express concerns over concentration risk in Treasury bonds (USDT holdings account for 5.7% of the market)
• Attention to the trend of tokenizing RWA and innovations related to U.S. Treasury bonds
