Morning Edition · Saturday, October 3, 2026Published at 1:57 AM EDT · New York
That increase covers more than 40% of the decline in China's holdings of United States government debt, placing stablecoin issuers among the marginal buyers of short-dated paper.

Stablecoin issuers have become a structural source of demand for United States government debt. Tether and Circle together increased their holdings of Treasury securities and repurchase agreements by about $200 billion over the past five ye…
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