1/ The GENIUS stablecoin bill just passed the Senate, with House approval pending.
It couldn't be more timely.
Here are 10 must-know insights from a landmark study on how $200B+ in stablecoins are already shaping Treasury markets 👇
2/ Stablecoins are now top buyers of US debt.
As of March 2025, $USDT & $USDC hold more short-term Treasuries than China or Switzerland.
In 2024 alone, stablecoins bought $40B in T-bills—on par with the largest US money market funds.
3/ Stablecoin inflows are now moving interest rates.
A $3.5B inflow into stablecoins lowers 3-month T-bill yields by 2–2.5 bps within 10 days.
That’s the kind of impact you'd expect from a mini QE—except this one’s powered by crypto demand.
4/ Impact is largest for $USDT.
Tether alone accounts for ~70% of the observed yield impact.
$USDC follows with ~19%, and smaller stablecoins make up the rest.
5/ Outflows are more dangerous than inflows.
Inflows are gradual and discretionary. Outflows require immediate reserve liquidation.
A $3.5B outflow can spike yields by +6–8 bps—evidence of potential fire-sale risk.
6/ Volatility Perception Vs. Reality
Perception: Digital assets are too volatile for many investors.
Reality: Crypto MC volatility is comparable to some large, widely-held tech stocks.
7/ Future risk: Policy pass-through breakdown.
If stablecoins hit $2T (as some predict by 2028), their flows could suppress short-end rates enough to weaken Fed transmission.
That’s crypto interfering with monetary policy—at scale.
8/ Reserve transparency is now macro-critical.
USDC reports granular holdings. USDT remains opaque.
Standardized disclosures could reduce systemic risk and help markets price flows more accurately.
9/ Run risk = macro risk.
If redemptions surge, stablecoin issuers may be forced to dump Treasuries to meet withdrawals—fast.
No Fed backstop means this fire-sale pressure could drain market liquidity and spike yields. Crypto-native demand, but TradFi consequences.
10/ Crypto just became a macro player.
Stablecoin flows are no longer just crypto plumbing—they’re a bridge between digital assets and real-world monetary policy.
Ignore them at your own risk.
11/ End of thread.
The line between TradFi and crypto is fading fast.
If the House passes the GENIUS Act, we’re entering a new era of regulated, macro-relevant stablecoins.
Like + RT if you learned something. Never financial advice.
2,58 mil
0
El contenido de esta página lo proporcionan terceros. A menos que se indique lo contrario, OKX no es el autor de los artículos citados y no reclama ningún derecho de autor sobre los materiales. El contenido se proporciona únicamente con fines informativos y no representa las opiniones de OKX. No pretende ser un respaldo de ningún tipo y no debe ser considerado como un consejo de inversión o una solicitud para comprar o vender activos digitales. En la medida en que la IA generativa se utiliza para proporcionar resúmenes u otra información, dicho contenido generado por IA puede ser inexacto o incoherente. Lee el artículo vinculado para obtener más detalles e información. OKX no es responsable del contenido alojado en sitios de terceros. El holding de activos digitales, incluyendo stablecoins y NFT, implican un alto grado de riesgo y pueden fluctuar en gran medida. Debes considerar cuidadosamente si el trading o holding de activos digitales es adecuado para ti a la luz de tu situación financiera.