The U.S. Department of the Treasury published on April 30 the official minutes from the April 29, 2025, meeting of the Treasury Borrowing Advisory Committee, emphasizing the growing influence of stablecoins on demand for U.S. Treasury securities. With attendance from senior Treasury staff, Federal Reserve Bank of New York officials, and industry representatives, the quarterly session dedicated significant attention to digital assets, particularly the implications of stablecoins in financial markets and fiscal strategy.

Discussions underscored how the rapid expansion of stablecoins is reshaping traditional financial structures and driving interest in Treasury instruments. According to the minutes, “Dealers suggested that recent stablecoin growth and the potential for legislation to provide regulatory clarity could drive an increase in stablecoin adoption.” Noting that “stablecoin providers already have significant holdings of Treasury securities and may be required to hold assets that include Treasury bills under proposed legislation,” the minutes detailed:

Dealers agreed that the digital asset space was important to monitor on an ongoing basis as a potential source of Treasury demand.

Treasury staff and Committee members evaluated whether this rising demand would add to net Treasury purchases or merely shift allocations from banks and money market funds.

The meeting also examined how stablecoins are increasingly blurring the lines with other financial products, such as money market mutual funds. One section of the meeting minutes observed:

With the growth of the cryptocurrency and digital asset economy has come the expansion of the ‘stablecoin’ market in the United States and abroad. As this asset class continues to grow, the distinctions between money funds and payment stablecoins has continued to converge.

Committee members discussed whether interest-bearing stablecoins could pose competitive risks to traditional depository institutions or improve the reach and utility of the U.S. dollar globally. While legislation under consideration would prohibit paying yield to stablecoin holders, the broader implications of integrating interest-bearing features into digital assets were debated as potentially transformative.

In closing, the Committee acknowledged that the stablecoin sector remains in flux, but its growth trajectory and interaction with regulatory frameworks could significantly influence future Treasury demand. As legislative developments evolve, both Treasury officials and market participants agreed on the importance of maintaining close surveillance over digital assets as a key factor in federal debt management strategy.

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