Allium(@AlliumLabs):$295B in stablecoin supply does not mean $295B in new demand for U.S. Treasuries. Our analysis with @CitizensBank estimates the incremental impact at closer to $170B. Why the gap? Because what matters isn't just how many stablecoins exist. It's who holds them, what they're being used for, and what those dollars would otherwise be doing. Stablecoins replacing money market funds or brokerage cash create relatively little incremental Treasury demand. Stablecoins used for payments, dollar savings, collateral and onchain operations are a very different story. Understanding stablecoins increasingly means understanding their economic function, not just their supply. Read the full report from Citizens + Allium:

2026.09.11 13:00

$295B in stablecoin supply does not mean $295B in new demand for U.S. Treasuries. Our analysis with @CitizensBank estimates the incremental impact at closer to $170B. Why the gap? Because what matters isn't just how many stablecoins exist. It's who holds them, what they're being used for, and what those dollars would otherwise be doing. Stablecoins replacing money market funds or brokerage cash create relatively little incremental Treasury demand. Stablecoins used for payments, dollar savings, collateral and onchain operations are a very different story. Understanding stablecoins increasingly means understanding their economic function, not just their supply. Read the full report from Citizens + Allium: