USDT and USDC turn offshore dollar demand into a front-end Treasury bid through issuer reserves. A [BIS study](https://www.bis.org/publ/work1270.htm) estimates issuers bought nearly $35B of T-bills in 2025, while a $3.5B stablecoin inflow shaved about 4 bps off three-month bill yields within 10 days.

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