Bitwise CIO Matt Hougan said stablecoins are "going much, much higher" as they play an increasing role in absorbing debt that foreign nations are shedding. The research highlights a shift in the composition of US debt buyers as crypto-linked issuers become a larger source of support for the Treasury market.
Tuesday, October 20, 2026
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Stablecoin Issuers Grow Treasury Holdings $200B to Offset China's Decline
Crypto19 days ago
A study of the US government debt market by the San Francisco Fed shows that firms issuing stablecoins have increased their bond stockpiles. These holdings grew by about $200B over a 5 year period, with the growth concentrated in longer term debt. The SF Fed researchers found that this expansion exceeds 40% of the decline in US Treasury holdings recorded by China during the same window.
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