Treasury says stablecoin issuers hold nearly $200B in short-term US debt
Treasury reports nearly $200 billion in stablecoin providers' short-term debt holdings. Federal law also permits cash, deposits, and other reserves.
Stablecoin providers already own nearly $200 billion of Treasury bills and other close-to-maturity Treasury securities, Deputy Treasury Secretary Francis Brooke said on September 22, 2026. He described them as a growing source of demand for short-term US debt, while noting that rules implementing the GENIUS Act were still being finalized.
That reported holding is not a commitment to buy $1 trillion more. In earlier Treasury remarks, Secretary Scott Bessent said the roughly $300 billion stablecoin market could grow tenfold by the end of the decade and that growth could increase demand for Treasury bills. He did not specify a $1 trillion purchase requirement for issuers.
What the reserve law actually permits
The GENIUS Act, enacted July 18, 2025, requires permitted payment stablecoin issuers to maintain reserves backing outstanding coins at least one for one. Eligible reserves include cash, qualifying demand deposits, Treasury securities with a remaining or original maturity of 93 days or less, specified repurchase agreements, and qualifying government money market funds. The law does not require every reserve dollar to be held directly in Treasury bills.
Forecast growth is not a purchase order
Standard Chartered forecast in October 2025 that the global stablecoin market could reach $2 trillion by the end of 2028. That is a forecast of stablecoin supply, not a forecast that issuers will buy $2 trillion of Treasury bills. Any increase in direct bill purchases depends on both stablecoin adoption and the mix of reserve assets issuers choose within the law’s limits.
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The direct crypto-market question is how growth in dollar-backed tokens changes issuers’ reserve holdings and redemption needs. Treasury sees potential additional demand for bills, but its stated approach is to monitor whether that demand is durable before adjusting debt issuance. The available primary sources do not establish that stablecoin issuers must buy a fixed amount of US debt.