#t-bills

[rwatimes]

Stablecoins are becoming a central bank problem hiding in T-bill markets

BIS research puts private dollar tokens closer to sovereign funding markets than the payment-rail debate suggests. The post Stablecoins are becoming a central

➤ Stablecoins are increasingly influencing short-term Treasury bill yields, indicating their growing role in sovereign funding markets beyond just payment rails. ➤ The Bank for International Settlements (BIS) highlights that while stablecoins offer programmability, they lack the institutional support and liquidity backstops of traditional money, posing risks to financial integrity. ➤ Central banks are exploring tokenized deposits and central bank reserves as an alternative to private stablecoins, aiming to integrate digital dollar instruments within existing regulatory frameworks.

[rwatimes]

Bank of England backs down on strict stablecoin holding limits, sets $50 billion issuance cap

The U.K. central bank abandons retail holding limits for a 40-billion-pound aggregate cap and sweetens yield terms for token issuers ahead of a 2027 market launch.

➤ The Bank of England has reversed strict stablecoin holding limits, opting for a £40 billion aggregate issuance cap for systemic stablecoins. ➤ Issuers can now allocate up to 70% of reserves to short-term UK government debt (T-bills), with a reduced 30% requirement for non-interest-bearing central bank deposits. ➤ This regulatory shift, influenced by industry feedback and parliamentary committees, aims to foster business viability and innovation ahead of the UK's 2027 crypto market launch.

[finovohub]

A needed $900B Treasury cash rebuild could quietly drain the liquidity Bitcoin needs

Bitcoin traders have spent the past week bracing for the wrong kind of surprise, watching rate-cut bets evaporate as a run of firm labor data pushed the odds of a Federal Reserve hike by year-end toward 85% and dragged the 10-year Treasury yield up near 4.5%. Understandably, it dominates the screens, given how much of the past two years of price action has hinged on the cost of money. But now, a…

A needed $900B Treasury cash rebuild could quietly drain the liquidity Bitcoin needs

[rwatimes]

Stablecoins & Treasuries: Which Impacts Which?

Updated BIS estimates show stablecoin demand materially compressing T-bill yields, raising the stakes for regulators as adoption accelerates.

➤ Updated BIS estimates reveal that stablecoin demand is significantly impacting short-term Treasury yields, with a 10% increase in stablecoin market cap potentially decreasing 3-month T-bill yields by 30 basis points. ➤ The study highlights the endogeneity problem, confirming that stablecoin inflows actively drive down Treasury yields, making stablecoin issuers substantial buyers of U.S. government debt. ➤ The increasing integration of stablecoins into the financial system, supported by new legislation like the GENIUS Act, suggests a growing influence on U.S. fiscal policy and global dollar dominance, with potential amplification of market stress during volatile periods.

[rwatimes]

Stable launches StableEarn, offering USDT holders real-world asset yields via Morpho vault.

Stable has introduced StableEarn, a new treasury management product that allows USDT holders to earn institutional-grade yields through a Morpho vault backed by Theo's real-world asset products. The vault invests USDT deposits into three Theo products—thBILL (U.S. Treasury bills), thGOLD (gold-denominated carry), and thUSD (gold derivatives)—all backed by physical or institutional collateral and hedged on major futures exchanges. This innovation provides USDT users with competitive, real-world market returns onchain, addressing a gap in yield options native to the USDT blockchain. StableEarn targets neobanks, fintechs, payment processors, and individual users, with plans for more vaults and yield strategies on the Stable network in the future.

➤ Stable has launched StableEarn, a new product allowing USDT holders to earn yields on real-world assets. ➤ The product invests USDT into Theo's products: U.S. Treasury bills (thBILL), gold-denominated carry (thGOLD), and gold derivatives (thUSD). ➤ StableEarn aims to provide competitive, on-chain market returns for various users, including neobanks and fintechs.

[rwatimes]

Expert warns Tether, Circle face liquidity crisis despite T-bill reserves

➤ The Bank for International Settlements (BIS) warns that major stablecoin issuers Tether and Circle could face liquidity crises during market panics, despite holding reserves in U.S. Treasury bills. ➤ The primary concern is the speed at which these assets can be redeemed, not their quality, as a rush of redemptions could outpace liquidation capabilities. ➤ Regulatory bodies like the ECB and Federal Reserve are increasingly focused on stablecoin issuers due to their systemic relevance and potential impact on traditional banking and money markets.

[rwatimes]

XRP Ledger Real-World Asset Tokenization Surges as OpenEden Integrates U.S. Treasuries

XRP Ledger Real-World Asset Tokenization Surges as OpenEden Integrates U.S. Treasuries

➤ OpenEden has launched tokenized U.S. Treasury bills (TBILL tokens) on the XRP Ledger (XRPL), backed by S&P and Moody's ratings, significantly increasing the ledger's tokenized asset value. ➤ The XRP Ledger has seen substantial growth in tokenized U.S. Treasuries, reaching $418 million, indicating active institutional testing and adoption, with platforms like OpenEden and Ondo Finance leading the charge. ➤ Despite strong RWA adoption and ETF inflows, XRP's price is consolidating due to a significant sell wall and regulatory uncertainty, though underlying infrastructure and institutional interest show positive trends.

[rwatimes]

Top 10 Tokenized Treasury Funds in 2026: BUIDL, BENJI, and the Highest-Yielding On-Chain Options

Tokenized Treasury funds have become the fastest-growing asset class in crypto, with the market expanding from $100 million in January 2023 to approximately $7.5 billion by mid-2025 and continuing to surge through 2026, cementing their status as the on-chain equivalent of money market funds. Led by institutional giants like

➤ Tokenized Treasury funds have rapidly grown into a significant asset class, projected to reach $7.5 billion by mid-2025 and continuing to surge through 2026, offering yields between 4% and 5.25% APY. ➤ Key players like BlackRock's BUIDL and Franklin Templeton's BENJI lead the market, with BUIDL holding a substantial 40% market share, while Ondo Finance's USDY offers the highest yield for non-U.S. retail investors. ➤ The article highlights the growing importance of DeFi composability, multi-chain expansion, and regulatory clarity in shaping the future of tokenized Treasury funds.