About 58 cents of every dollar of stablecoin supply shows up as new US Treasury demand. Our white paper with Citizens' Global Markets team assigns a Treasury impact factor to each category of supply, reflecting reserve composition and how far those balances substitute for money market funds and bank deposits. Across $295B of supply the blended factor is 0.58, which puts genuinely new Treasury demand at an estimated $170B. Per dollar held, the spread is wide. About 0.42 on US-domiciled exchange balances, which largely recycle dollars already inside the US system. About 0.75 on Tron balances, which the paper leaves uncategorised and describes as a payment and dollar-storage rail. Estimates as of April 2026. Informational only, not investment advice. Full white paper: