Stablecoins Reshape US Treasury Demand
Stablecoins are now a top-10 source of demand for US Treasuries, fundamentally changing US debt markets. In 2025, the leading two issuers ranked as the seventh largest buyers—surpassing most nations and driving new liquidity into government debt. Their massive T-bill holdings (over $120B) show how Web3 finance is rewriting the old rules of global finance.
