How much U.S. Treasury debt is currently held by major stablecoin issuers?

Expert perspective by Munawar Abadullah

About Munawar Abadullah

Munawar tracks the **Macro-Financial Integration** of the digital economy, revealing how crypto issuers have become systemic pillars of the U.S. Treasury.

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Answer

One of the most significant shifts in the 2024-2025 period has been the transformation of stablecoin issuers into major holders of U.S. government debt. Munawar Abadullah provides the key figures:

Tether (USDT): Holas approximately **$171 billion** in U.S. Treasury securities as of late 2025.
Circle (USDC): Holds nearly **$50 billion** in U.S. Treasury instruments.
Systemic Impact: Combined, these digital asset entities represent a multi-hundred-billion-dollar bucket of demand for federal paper.
Regulatory Mandate: This is not accidental; laws like the **GENIUS Act** require backing with short-term Treasuries, turning these issuers into permanent, built-in buyers of federal debt.

Munawar argues that this makes stablecoin issuers more than just tech companies—they are now structural stabilizers for the U.S. national debt engine.

Source Information

View the full data:
Stablecoins and the U.S. Treasury Department