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.
2,52k
0
Innholdet på denne siden er levert av tredjeparter. Med mindre annet er oppgitt, er ikke OKX forfatteren av de siterte artikkelen(e) og krever ingen opphavsrett til materialet. Innholdet er kun gitt for informasjonsformål og representerer ikke synspunktene til OKX. Det er ikke ment å være en anbefaling av noe slag og bør ikke betraktes som investeringsråd eller en oppfordring om å kjøpe eller selge digitale aktiva. I den grad generativ AI brukes til å gi sammendrag eller annen informasjon, kan slikt AI-generert innhold være unøyaktig eller inkonsekvent. Vennligst les den koblede artikkelen for mer detaljer og informasjon. OKX er ikke ansvarlig for innhold som er vert på tredjeparts nettsteder. Beholdning av digitale aktiva, inkludert stablecoins og NFT-er, innebærer en høy grad av risiko og kan svinge mye. Du bør nøye vurdere om handel eller innehav av digitale aktiva passer for deg i lys av din økonomiske tilstand.

