Stablecoin Treasury Demand Partly Offsets China’s Retreat, SF Fed Study Finds

This framing matters because it casts stablecoin growth as a structural force in the world's deepest bond market, not just a crypto story. The nuance is that the offset is partial and concentrated at the short end, so it does little to absorb the long-dated supply China has been shedding. The authors' own caveat — that further demand hinges on who ultimately holds the tokens — is the real open question: retail, institutions and offshore users imply very different Treasury footprints.