Over $120 billion in US Treasuries now sits behind stablecoins. That number could hit $1 trillion by 2028. Tether holds around $94 billion in T-bills. Circle has over $53 billion in a BlackRock-managed government fund. Combined, they already hold more short-term US debt than many sovereign reserve managers. As stablecoin adoption grows, so does mechanical demand for Treasury issuance. Digital dollar growth is now directly linked to fiscal capacity.(Delphi Digital)