Economic Letter
Brief summaries of SF Fed economic research that explain in reader-friendly terms what our work means for the people we serve.
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Stablecoin Issuers’ Growing Appetite for Treasury Securities
Sylvain Leduc, Luiz Edgard Oliveira, Aleisha Sawyer
Over the past 20 years, the share of U.S. debt held by foreigners has fallen substantially. Demand for U.S. debt has partly shifted towards private investors, including from novel sources, particularly stablecoin issuers. The increase in stablecoins’ holdings of Treasury securities has helped partly offset the demand decline from some foreign governments. While their share…
