Bo Hines, former Executive Director of the White House Crypto Council and now CEO of USAT — Tether’s first regulated US-based stablecoin, stated that following the adoption of the GENIUS Act, the number of new USAT users is growing rapidly.

According to Hines, at the current pace, Tether could enter the top 10 largest holders of US government debt in 2026.

Tether is already the 17th largest holder of US Treasuries globally, underscoring the growing role of stablecoin issuers in the US sovereign debt market.

Stablecoin issuers typically back their tokens with:

• short-term US Treasury bills
• cash equivalents
• highly liquid dollar-denominated instruments

As adoption scales, so does their demand for US government debt.

This creates a powerful dynamic:

• growth of stablecoins = increased structural demand for Treasuries
• digital dollar adoption = deeper integration with US fiscal infrastructure
• crypto liquidity increasingly tied to US debt markets

For macro traders, this reinforces the idea that stablecoins are becoming systemically relevant players in global fixed income markets, effectively linking crypto expansion to US sovereign financing.

The intersection of regulation (GENIUS Act), stablecoin growth, and Treasury demand may become one of the most important structural themes of 2026.