The Quiet Monetization of Stablecoins: How U.S. Debt Became Crypto's Real Collateral
Stablecoin issuers have quietly become among the largest holders of short-term U.S. government debt, with Circle, Tether, and other major providers holding more than $120 billion in Treasury bills and related instruments as of mid-2025. This deep-dive investigation examines how the crypto industry's