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The Treasury Market Has a Growing Buyer: Stablecoin Issuers Are Reshaping Demand for U.S. Debt

Foreign central banks and governments cut their U.S. Treasury bill holdings by $55.6 billion in the twelve months through July 2026. A year earlier, they added $138.1 billion. That swing of roughly $194 billion accounts for nearly all of the 80% drop in foreign T-bill demand. A newer buyer’s position…

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