Stablecoin issuers accumulated approximately $200 billion in US Treasury holdings between 2021 and mid-2026, representing a more than tenfold increase over five years. According to the San Francisco Federal Reserve, these purchases offset more than 40% of the decline in Chinese holdings of US debt since 2021, and have surpassed Japan’s Treasury bill acquisitions since 2023. The Fed projects that stablecoin issuer demand could reach approximately $400 billion by the end of 2030. Matt Hougan, chief investment officer at Bitwise, said he spoke with more than 40 financial advisors managing over $175 trillion in assets, who showed greater interest in stablecoins and tokenization than in speculative Bitcoin investments.
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