Stablecoin issuers Tether and Circle have increased their US Treasury holdings by roughly $200 billion over the past five years, equivalent to more than 40% of the decline in China’s Treasury holdings over the same period, according to researchers at the Federal Reserve Bank of San Francisco. Foreign investors held more than half of outstanding Treasury securities around 2008, but their share dropped to roughly 30% by early 2026. China, whose holdings peaked in late 2013, has seen its holdings fall by more than half by mid-2026. The Fed estimates stablecoin issuer Treasury holdings could reach about $400 billion by 2030 if growth continues.
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