The Bank for International Settlement ("BIS", regulatory body owned by global central banks) has a long section on stablecoins in their annual report published today.

The really interesting thing imo is the relationship they note between stablecoins and treasury bills as this explains a lot of the policy tailwinds the space will benefit from in the next few years

- Stablecoins were amongst the top buyers of T-Bills in 2024 with $40bn... but as you know, the current rate of growth implies twice that in 2025

- A $3.5bn increase in stablecoin market capitalisation only compresses treasury yields by 2.5-5bps...

It is not a surprise that in an environment where deficits are ballooning, there is a clear vested interest in ensuring that supply grows.

Speaking of vested interest, the paper is generally negative on stablecoins but tbh, no surprises there.