| Dear Reader,
This week’s chart shows something strange happening in the U.S. Treasury market.
A new class of buyers has emerged in the past few years. They aren’t banks. They aren’t hedge funds. And they aren’t foreign governments.
They’re stablecoin issuers.
Companies like Tether and Circle — best known for creating dollar-pegged cryptocurrencies — have become some of the fastest-growing buyers of U.S. government debt.
And most investors haven’t noticed yet.
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| From Crypto Tokens to Treasury Bills This week’s chart shows how the reserves behind the two largest stablecoins — Tether (USDT) and USD Coin (USDC) — are increasingly being invested in U.S. Treasury bills.  In other words, it shows you that when people buy stablecoins, the companies issuing them take those dollars and park them in short-term government debt.
That’s how stablecoins maintain their peg to the dollar.
And the scale of that demand has grown surprisingly large.
By the second quarter of 2025, Tether and Circle together held roughly $132 billion in U.S. Treasurys.
And when you include other stablecoin issuers, the number climbs even higher. Some estimates show the sector collectively holding more than $180 billion in Treasury securities.
That’s enough to place stablecoin issuers among the larger buyers of U.S. government debt globally.
In fact, their Treasury holdings now exceed those of several sovereign nations including Norway, Israel and New Zealand.
And this has happened surprisingly fast.
Just a few years ago, stablecoins were mostly used by crypto traders moving money between exchanges. But the market has grown dramatically. The total supply of stablecoins jumped to over $300 billion in 2025, up sharply from previous years.
Because these digital dollars must be backed by liquid assets, most of that money ends up flowing into short-term Treasury bills.
This means, every time someone buys a stablecoin, it can indirectly increase demand for U.S. government debt.
And as adoption continues, that demand could grow much larger.
We recently looked at why stablecoins could become the payment system the next version of the internet actually needs.
If that happens, the demand for safe collateral could explode. Some analysts believe stablecoins could generate trillions of dollars in demand for U.S. Treasurys over the next decade as the sector expands and new regulations require high-quality reserves.
Which leads to an interesting twist.
Stablecoins were originally framed as a way to bypass the traditional financial system. But the reality is turning out to be almost the opposite.
And they might end up reinforcing it. Here’s My Take Stablecoins were supposed to disrupt the dollar.
Instead, they’re quietly becoming one of the biggest buyers of the assets that support it.
Every digital dollar issued by companies like Tether or Circle needs safe collateral behind it. And the safest collateral in the world remains U.S. Treasury bills.
So as stablecoins grow, their demand for government debt grows with them.
Right now, stablecoins hold a little over $100 billion in Treasurys.
But if it grows into a trillion-dollar market — which many analysts expect — their Treasury demand could multiply several times over.
At that point, crypto companies won’t just be participants in financial markets.
They’ll be major players in funding the U.S. government.
Regards, 
Ian King
Chief Strategist, Banyan Hill Publishing
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