Stablecoins impact US Treasury yields – BIS paper
Sector’s continued growth could affect monetary policy transmission, authors say
Stablecoins linked to the dollar have reached a significant-enough scale to have an impact on the US Treasury market, a working paper published by the Bank for International Settlements finds.
Authors Rashad Ahmed and Iñaki Aldasoro say that, as of March 2025, dollar stablecoins were backed by assets worth more than $200 billion, mostly in the form of Treasury bills (T-bills) and money market instruments. The scale of the stablecoin sector’s assets is comparable to that of other large investors
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