#数字货币市场洞察 Latest data reveals an underestimated phenomenon: stablecoin issuers are quietly becoming core players in the US Treasury market.

According to statistics from July 2025, Tether alone holds about $127 billion in US Treasuries—enough to place it among the world’s top twenty holders. And if you include Circle’s holdings? Together, the two stablecoin giants collectively hold around $155 billion in short-term US Treasuries, accounting for nearly 2.5% of the total outstanding of such bonds.

This proportion may seem small, but it is highly significant. It means the boundaries between the crypto world and the traditional financial system are being broken down in a tangible way. Imagine this: if the stablecoin market continues to expand at its current pace, these issuers will inevitably become marginal price-setters for short-term Treasuries, thereby exerting an undeniable influence on global liquidity dynamics and interest rate trends.

Simply put, the cryptocurrency industry is no longer an isolated island. Through the channel of stablecoins, it has become deeply embedded in the operational mechanism of mainstream financial markets. This two-way integration will only become more pronounced as the scale increases.