Stablecoin Now the 16th Largest Holder of U.S. Treasuries | Crypto Daily Digest Oct.20
Stablecoins have become a significant global player in US Treasury holdings. As of June, their combined total surpassed $100 billion in US Treasuries, securing the sixteenth position worldwide in terms of US Treasury holdings.
This astonishing feat places stablecoins ahead of several countries, including Norway, South Korea, Germany, Mexico, Saudi Arabia, and the United Arab Emirates.
Japan currently stands as the world leader in US Treasury holdings with over $1 trillion. Following closely behind is China, with a substantial $800 billion in holdings.
One remarkable aspect of stablecoins is the pivotal role they play in daily trading volumes. Their trading volume is now equivalent to the twenty-second largest sovereign currency globally. This highlights the growing influence and appeal of stablecoins in the financial markets.
Beyond their influence in Treasury holdings and trading volumes, stablecoins offer an essential benefit – instant access to the US dollar. For countries without direct access to this reserve currency, stablecoins provide a means to access the dollar, enhancing global financial inclusivity.
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