Stablecoin issuers rank 18th among US Treasury holders

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Stablecoin issuers rank 18th among US Treasury holders
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Issuers of stablecoins, digital currencies pegged to the dollar, have hit a new milestone. They now rank as the 18th largest holders of U.S. Treasury securities, according to a report from Bernstein.

This position puts companies that issue stablecoins, such as Tether (USDT) and Circle (USDC), alongside some of the world’s largest nations in terms of holdings of US public debt, highlighting the growing impact of cryptocurrencies on the traditional financial system.

The Bernstein report highlighted that total stablecoin circulation reached an all-time high of $170 billion in Q2 2024, following a period of decline in 2023. Tether, the largest stablecoin issuer, leads the market with $120 billion in circulation. It is followed by USDC with $35 billion.

In addition to their traditional use for cryptocurrency trading, the report highlights that stablecoins are increasingly being used for international payments and as a way to save dollars outside the US.

This reflects the growing demand for access to digital dollars in emerging economies, where the local currency may be less stable.

“Stablecoins are becoming systemically important by providing access to USD savings for international users,” Bernstein said.

Furthermore, the report highlighted that stablecoins are increasingly integrated into the traditional financial system and fintech platforms. One example of this is PayPal, which recently launched its own stablecoin, PYUSD.

The integration of these digital currencies with global payment platforms is driving the adoption of stablecoins for purposes beyond cryptocurrency trading.

Tegan Kline, CEO of Edge & Node, praised the rise of stablecoins, noting that these currencies play an important role in expanding access to the US dollar across the world.

“The use of stablecoins has become decoupled from the crypto market and is being kept for non-crypto purposes such as international payments and savings,” Kline said.

Stablecoin issuers rank 18th among US Treasury holders

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Stablecoin issuers rank 18th among US Treasury holders

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