Foreign net purchases of U.S. T-bills fell from $250.5B to $49.4B over the last 12 months, an 80% collapse or roughly $200B of lost annual demand. Meanwhile, stablecoin issuers already hold nearly $200B of T-bills and other near-maturity Treasuries. The math is increasingly obvious. Scale stablecoins and modern dollar infrastructure and you create a new global distribution channel for U.S. government debt.