The U.S. Treasury Department partially reviewed the impact of digital assets in a new report, stating that “the growth of stablecoins has led to a small increase in the demand for short-term Treasury debt.” It estimates that $120 billion of stablecoin collateral has been invested in Treasuries, with the majority of that (nearly $81 billion) being purchased by Tether.
The 132-page report released by the U.S. Treasury on Wednesday was drafted for the Treasury Department's Borrowing Advisory Committee, and includes a subsection devoted to digital assets that examines mainstream digital assets such as bitcoin and stablecoin.