Total Stablecoin Supply
Net Stablecoin Flows
Net outflows across top stablecoins
Calculated from supply changes. Positive = minting/inflows, Negative = burning/outflows.
US Treasury Holdings by Stablecoin Issuers
Stablecoin issuers collectively hold more US debt than South Korea
Stablecoin Share of T-Bill Market
$189B of $6.2T outstanding
T-Bill Holders by Share
T-Bill market ~$6.2T outstanding. Holder shares estimated from Federal Reserve data.
Top Holders of US Treasuries
Stablecoin issuers rank #16 globally
Stablecoins aren't just a crypto thing—they're becoming part of the sovereign debt absorption infrastructure. That's the fiscal dominance story in one chart.
Sovereign figures include all Treasury types (bills, notes, bonds). Stablecoins hold primarily T-Bills—comparing bills only, they'd rank even higher.