#比特币对比代币化黄金 Data doesn't lie: stablecoin issuers are quietly reshaping the landscape of the US Treasury market.

According to the latest statistics from July 2025, Tether alone holds approximately $127 billion in US Treasuries, a scale large enough to place it among the top twenty holders globally. If you add Circle's share, these two core players in the crypto space collectively hold nearly $155 billion in short-term Treasuries—accounting for almost 2.5% of the total outstanding supply of such bonds.

While this percentage may not seem high, the underlying signals are worth pondering. Stablecoin issuers need to back their on-chain tokens with real reserves, and short-term US Treasuries happen to be the ideal choice: highly liquid, low risk, and offering stable returns. As the stablecoin market continues to expand, these issuers are becoming increasingly critical marginal buyers in the short-term Treasury market. In other words, their every move can now have tangible impacts on global core liquidity and interest rate trends.

In the past, cryptocurrencies were seen as outsiders to the traditional financial system. But now, through the bridge of stablecoins, the boundary between the two worlds is blurring. This two-way integration is just beginning and is likely to become even more profound in the future.