US budget deficit hits $1.97 trillion in first 11 months of fiscal year

The deficit's scale matters less than its composition and timing: this figure lands with one month still to book, so the final tally will exceed it, and the borrowing need it implies sits alongside an already heavy Treasury issuance calendar. For crypto and RWA markets, the relevant channel is the same one that has driven the hard-asset narrative — persistent fiscal expansion keeps the debate over dollar debasement and alternative stores of value alive. Whether that macro backdrop continues to translate into flows toward tokenized treasuries and crypto is the open question.