Stablecoin Issuers: Replacing Foreign US Treasury Buyers

Foreign investors dumped $29 billion of US Treasury bills while buying $181.4 billion of US stocks in June, marking the second straight month of T-bill sales, yet stablecoin issuers now absorb that demand with Tether holding ~$115B of T-bills and Circle routing USDC reserves through a BlackRock money fund; the GENIUS Act plus Treasury's Aug 17 rule finalize the regulatory handoff, and the Sept 16 TIC report will confirm whether stablecoin issuers US Treasury bill holdings historical data show sustained replacement buying under the new GENIUS Act stablecoin regulatory framework details.