Stablecoin issuers have added approximately $200 billion in US Treasury securities over five years, offsetting more than 40% of the decline in Chinese holdings. The two largest stablecoin issuers have seen their Treasury holdings grow more than tenfold during this period. Since 2023, these issuers have purchased more short-term Treasury bills than Japan, the largest non-US holder of US government debt. The 2025 GENIUS Act established a federal framework requiring authorized domestic stablecoin issuers to back their tokens one-to-one with high-quality liquid assets. If current trends continue, stablecoin issuer demand for Treasuries could reach around $400 billion by the end of 2030.
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