Stablecoin supply reaches a new high, and the reserve composition is the thing to read
Total supply passed 160 billion dollars. What backs it has changed more than the headline number.
Total stablecoin supply passed 160 billion dollars, exceeding the previous peak. Growth has been concentrated in the two largest issuers.
The number that matters more is the composition of the reserves. The share held in short-dated US Treasury bills has risen substantially, while commercial paper and other credit exposure has fallen close to zero at the major issuers.
Why reserve composition is the whole question
A stablecoin is a promise to redeem at par. Whether that promise holds under stress depends entirely on what backs it and how quickly those assets can be sold without loss.
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