💵 Stablecoin Issuers Hold Hundreds of Billions in U.S. Treasuries
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, USDC issuer Circle, etc.) have seen their holdings of U.S. Treasuries continue to rise, with some surpassing $100 billion. This phenomenon not only reflects the maturity of the stablecoin industry but also reveals its deep integration with the traditional financial system.
Market Size and Reserve Structure
• The global stablecoin market cap reaches $260 billion, accounting for 8% of crypto assets
• Tether holds $120 billion in U.S. Treasuries, surpassing several sovereign nations
• Circle (USDC) holds over $22 billion in U.S. Treasuries
• Approximately 80% of the stablecoin industry's reserves are allocated in U.S. Treasuries
Policy Drivers and Institutional Participation
• The GENIUS Act requires payment stablecoins to have a 1:1 reserve, allowing U.S. Treasuries to qualify as assets within 93 days
• European bank Société Générale launches the CoinVertible product
• Ant Group, JD.com, and other tech companies are deeply engaging in the Hong Kong stablecoin market
• The high liquidity and low-risk characteristics of U.S. Treasuries enhance the credit backing of stablecoins
Trading Opportunities
• Pay attention to the relationship between U.S. Treasury yields and stablecoin premiums/discounts (currently 0.15%-0.25%)
• Track the impact of reserve structure adjustments prior to the implementation of the GENIUS Act on short-term U.S. Treasuries
• Extreme fluctuations 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 about the concentration risk of Treasuries (USDT holdings account for 5.7% of the market)
• Focus on the trend of RWA tokenization and innovations related to U.S. Treasuries
