According to @cas_abbe, IMF data shows stablecoins have become significant buyers of U.S. Treasuries, with a major reserves shift from 2021 to 2025 (source: IMF via @cas_abbe, Dec 4, 2025). According to @cas_abbe citing the IMF, USDT has moved heavily into short-term U.S. Treasury bills and USDC is backed almost entirely by Treasuries and cash equivalents, while exposure to riskier assets like corporate bonds has largely disappeared (source: IMF via @cas_abbe, Dec 4, 2025). According to @cas_abbe, this evolution means stablecoins now function like money-market funds plugged into crypto, using liquid, yield-generating Treasuries to back daily settlements in the billions (source: @cas_abbe, Dec 4, 2025). According to @cas_abbe, stablecoin growth now directly increases demand for U.S. government debt and is driving greater regulatory attention as crypto rails integrate with traditional finance (source: @cas_abbe, Dec 4, 2025).