According to André Dragosch, in an X post on Aug 30, 2025, he states that when Bitcoin wins, Treasuries will fade, local currencies will fade, the Federal Reserve loses control, and the money printer runs out of toner. Source: André Dragosch on X, Aug 30, 2025. This positions a trading view that is bullish BTC and bearish on U.S. Treasuries and fiat currencies, implying relative outperformance of BTC versus duration and the U.S. dollar in a regime of declining confidence in sovereign debt and monetary policy. Source: André Dragosch on X, Aug 30, 2025.

According to @MilkRoadDaily, stablecoin issuers are now among the largest buyers of U.S. Treasuries in 2025. According to @MilkRoadDaily, this places stablecoin demand alongside major holders such as Japan, Canada, and the UK in the latest data. According to @MilkRoadDaily, the driver is hundreds of billions in digital dollars seeking safe, short-term yield in T-bills, indicating substantial front-end U.S. debt demand from crypto dollar reserves.

According to @paoloardoino, he highlighted an analysis labeling Tether as a quasi-sovereign allocator in an X post on Aug 20, 2025, signaling how the company frames its role in capital allocation (source: @paoloardoino on X). The post does not disclose new financial metrics, reserve changes, or policy announcements, indicating no immediate operational update for USDT from this communication (source: @paoloardoino on X). For trading, monitor USDT liquidity and spreads on major spot and derivatives venues to gauge funding conditions and market depth (source: publicly available market data from major crypto exchanges). Track flows between USDT and USD rails to assess redemption and issuance demand that can affect stablecoin liquidity across pairs (source: Tether transparency updates and on-chain transfer data). Review reserve composition, including U.S. Treasury exposure, in Tether’s quarterly reserve attestations to understand interest-rate sensitivity and counterparty concentration risks (source: Tether quarterly reserve attestations).

According to @MilkRoadDaily, stablecoin issuers such as Tether and Circle indirectly hold about $150 billion in U.S. Treasuries. According to @MilkRoadDaily, that amount would rank them as the 12th-largest Treasury holder globally, ahead of many countries. According to @MilkRoadDaily citing Scott Bessent, these holdings tied to stablecoin reserves could reach $3.7 trillion by 2030.

According to @MilkRoadDaily, if stablecoins reach a $2 trillion market cap, their reserve allocations would make them the largest holder of U.S. Treasuries, surpassing China, Japan, and the UK. Source: Milk Road tweet dated August 16, 2025. Japan holds about $1.15 trillion, China about $0.77 trillion, and the UK about $0.66 trillion in U.S. Treasuries as of May 2024. Source: U.S. Department of the Treasury, Treasury International Capital data, May 2024. Major stablecoins allocate the bulk of reserves to short‑dated U.S. Treasuries, with Tether reporting roughly 85% in cash and cash equivalents including T‑bills, while USDC reserves are invested in a BlackRock-managed fund holding U.S. Treasuries. Source: Tether Q2 2024 Assurance Report by BDO Italia; Source: Circle Reserve Fund disclosures by BlackRock, 2024. At a $2 trillion stablecoin market cap and a 70%–85% T‑bill allocation, implied holdings would be approximately $1.4–$1.7 trillion, exceeding Japan’s holdings and aligning with the claim. Source: Calculation based on Tether and Circle reserve disclosures and U.S. Treasury TIC data, May 2024. For traders, expanding stablecoin float increases on‑chain dollar liquidity used for spot settlement and derivatives collateral, which drives a majority of exchange trading pairs and can influence BTC and ETH turnover. Source: Kaiko Research, 2024 market structure reports. Regulators have noted that stablecoin reserve demand can affect short‑term funding markets including Treasury bills, making front‑end yields and bill supply important macro inputs for crypto liquidity conditions. Source: Financial Stability Oversight Council 2023 Annual Report, U.S. Department of the Treasury.

According to @MilkRoadDaily, stablecoins are becoming a dominant force in global finance and could soon collectively hold more U.S. Treasuries than any single country, source: @MilkRoadDaily on X, Aug 16, 2025. Based on @MilkRoadDaily's assertion of rising Treasury allocations by stablecoin issuers, traders should track USDT and USDC supply growth, issuer reserve disclosures, and exchange stablecoin balances to gauge potential liquidity conditions for BTC and ETH, source: @MilkRoadDaily on X, Aug 16, 2025. Based on @MilkRoadDaily's thread, watch front-end U.S. Treasury yields (1–12 month bills) and bill issuance schedules alongside stablecoin reserve updates to help time risk exposure in crypto, source: @MilkRoadDaily on X, Aug 16, 2025. According to @MilkRoadDaily, potential beneficiaries include market participants aligned with expanding stablecoin Treasury exposure and traders who align entries with periods of stablecoin market cap growth and deeper on-chain dollar balances, source: @MilkRoadDaily on X, Aug 16, 2025.

According to @paoloardoino, Tether ranks among the top 18 holders of U.S. Treasuries, top 40 in physical gold, and holds over 100,000 BTC, as stated in his X post on August 10, 2025 (source: @paoloardoino on X https://twitter.com/paoloardoino/status/1954458034215825660). For traders, this indicates Tether’s reserve mix spans U.S. Treasuries, gold, and BTC, which are key inputs when assessing USDT liquidity profile and reserve diversification (source: @paoloardoino on X). The disclosed 100k+ BTC position means part of Tether’s backing is directly linked to Bitcoin price performance, a data point for BTC market participants monitoring stablecoin issuer exposure (source: @paoloardoino on X). The top-18 U.S. Treasury ranking highlights sizable allocation to U.S. government debt, a relevant factor when evaluating USDT stability during shifts in Treasury market conditions (source: @paoloardoino on X).

According to @a16zcrypto investor Sam Broner, only 1% of U.S. dollars are currently tokenized, but if this figure rises to 10%, stablecoins could potentially hold up to 25% of all U.S. Treasuries, fundamentally altering liquidity flows and market structure (source: @a16zcrypto podcast with Sam Broner). Broner highlights Circle's rapid growth as a signal of a major shift in the onchain payments sector, with $33 trillion in onchain payments underscoring the increasing adoption of blockchain-based financial rails (source: @a16zcrypto). He notes that tokenized dollars are gaining traction due to lower onchain fee structures compared to traditional credit cards, which could pressure incumbents like Visa and Mastercard to adapt or risk obsolescence (source: @a16zcrypto). Broner also points out that regulatory clarity is likely the next major catalyst for crypto markets, potentially accelerating institutional adoption and increasing both liquidity and volatility in the stablecoin and DeFi sectors (source: @a16zcrypto). For traders, monitoring regulatory developments and the share of tokenized dollars in circulation is crucial, as these factors could drive the next major growth wave in the crypto and stablecoin markets.

According to @cypherpunkstore citing @paoloardoino's interview with CNBC, Tether now holds more U.S. Treasuries than Germany, Spain, Australia, or the UAE, making it the 5th largest buyer of U.S. debt. This significant position in the U.S. Treasury market underscores Tether's growing influence on global liquidity and the stability of USDT reserves, which is critical for crypto traders relying on stablecoin certainty for high-volume trading and arbitrage (Source: CNBC via @cypherpunkstore, May 23, 2025).

According to Crypto Rover, Tether, the issuer of USDT, is approaching $120 billion in holdings of U.S. Treasuries, making it one of the largest holders among private entities. This significant accumulation strengthens USDT's backing, which is crucial for trader confidence and liquidity across major crypto exchanges. As Tether continues increasing its reserve in U.S. Treasuries, market participants can expect improved stability and reduced risk of USDT depegging. This development is relevant for traders monitoring stablecoin flows and market sentiment, as Tether's robust treasury position may influence both short-term trading strategies and long-term portfolio allocations. Source: Crypto Rover (@rovercrc), May 1, 2025.

According to Crypto Rover, Trump's World Liberty Financial has launched the $USD1 stablecoin, which is fully backed by U.S. Treasuries and cash equivalents. This development is viewed as bullish for the market, potentially increasing investor confidence due to its backing by stable assets. The introduction of this stablecoin could lead to increased liquidity and stability within the cryptocurrency market. The strategic backing by U.S. Treasuries may attract risk-averse traders looking for a reliable store of value. (Source: Crypto Rover)

According to Crypto Rover, Tether has become the 7th largest buyer of U.S. Treasuries in 2024, holding $33.1 billion. This positions Tether alongside entire nations in terms of treasury holdings, which could significantly influence its liquidity management strategies and impact the stability of its USDT token given its substantial investment in U.S. government securities.

According to Paolo Ardoino, Tether was the 7th largest buyer of U.S. Treasuries in 2024, surpassing many countries. This significant investment could impact Tether's stability and influence in the cryptocurrency market as it diversifies its asset holdings. Traders should monitor how this affects Tether's liquidity and its peg to the U.S. dollar.