U.S. Treasury Financing & Stablecoin Since COVID, the U.S. has shifted financing heavily toward T-bills: in 2025, 84% of government debt issuance was made up of Treasury bills with maturities of 12 months or less, the highest ratio since the financial crisis. T-bills now represent 22% of all outstanding marketable Treasury debt, above the historical 15–20% target range the TBAC has historically recommended.(BloFin Research)