Stablecoin issuers have replaced 40% of China’s lost US Treasury demand

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40%

China Treasury demand replaced

$USDT

$184.04B mcap

$USDC

$74.06B mcap

Stablecoin issuers are emerging as a new source of demand for US government debt as foreign official holdings lose ground. Tether and Circle have increased their Treasury securities and repurchase-agreement holdings by about $200 billion…