JPMorgan: T-Bill Demand May Lag Supply Growth by 2027

The significance here is structural: the marginal buyer base for T-Bills looks less able to absorb supply at the same pace, and the strategists flag that money-market funds and foreign official buyers may not repeat past absorption without a shock-driven catalyst. Stablecoins are named as a potential demand source but explicitly conditional on a crypto rebound or clearer regulation, which keeps that channel speculative rather than dependable. What's worth watching is whether money-fund inflows and official-sector buying reaccelerate on their own, or whether the market needs a disruption to generate the demand the issuance calendar assumes.