Macro-financial risk
2026-04-26
12 min read
15 sources
Stablecoin demand for US Treasuries in 2026: bills, repo, and the GENIUS Act perimeter
GENIUS Act implementation, Tether and Circle reserve attestations, and Treasury official statements have made dollar stablecoins a structural buyer of short bills. We size the bid, decompose maturity holdings, and stress test the redemption channel.
Aggregate dollar stablecoin supply has crossed roughly 220 billion in early 2026, with reserves now overwhelmingly concentrated in Treasury bills inside three months and overnight repo collateralized by Treasuries. The Guiding and Establishing National Innovation for U.S. Stablecoins Act, signed into law in July 2025, locked in a 1:1 cash...