Compass Investments

$USDT ,

Stablecoins are quietly acting like the Fed’s debt buyer of last resort: dollar tokens (led by #Tether) park reserves in short‑term Treasury bills, raising private demand and liquidity without forcing central banks to reallocate reserves. As adoption grows, dollar tokens expand private money use and shore up T‑bill markets — shifting who finances the Treasury in practice, if not in policy. #Macro Insights# #Stablecoins