Stablecoins now rival nation-states as holders of U.S. debt Becoming one of the government’s most reliable financial backers. USDC and USDT issuers now hold over ~$120B in U.S. Treasuries That places them ahead of countries like Germany and South Korea At a critical moment, this represents an overlooked shift in global demand for U.S. debt The GENIUS Act, the first major U.S. stablecoin legislation, just passed the House in a bipartisan vote, establishing a clear framework for fully-backed stablecoins + signals growing recognition of their role in financial markets. As foreign buyers pull back, stablecoins are stepping in to support U.S. debt markets The infrastructure is here. The regulation is finally catching up. Onwards.