Macro-financial risk
2026-04-26
9 minute read
5 sources
Stablecoin macro impact 2026: USD demand, EM dollarization, T-bill arithmetic
Dollar tokens are now a structural buyer of short Treasuries, a parallel rail for cross border payments, and a soft dollarization channel for emerging markets. We map the cap trajectory, the reserve plumbing, and three forward scenarios.
Dollar denominated stablecoin supply has tripled from roughly 130 billion at the start of 2023 to over 280 billion in early 2026, with reserves now concentrated in Treasury bills, repo, and bank deposits. The category has crossed from a crypto trading utility into a parallel dollar liquidity layer that displaces correspondent banking on s...