Stablecoin Growth and Net T-Bill Demand

This tool shows the net effect on short-end T-bill demand after accounting for substitution from banks, currency, money market funds, and foreign assets.

Core assumptions

Sliders update results immediately

Source of stablecoin growth

Total: 100.0%

T-bill intensity by displaced source

Initial Conditions

Key outputs

Stablecoin growth: $0B
Net new T-bill
demand (2030)
$0B
As a share of T-bills
outstanding (2030)
0.0%

Notes: Calculation of Implications for Stablecoin-driven T-Bill demand per discussion in Liang, Nellie and Brent Neiman, "Stablecoins After GENIUS: Private Money, Public Debt, and the Global Dollar," Working Paper, 2026. Default forecast, including the Stablecoin market size of $1.9T, is based on the base case presented in Citi Institute, Stablecoins 2030: Web3 to Wall Street, September 2025. T-bills outstanding in 2030 is an estimate based on forecasts of the Treasuries outstanding and the current T-bill share of all Treasuries. This forecast does not take into account the new T-bill demand from stablecoins. Click "Reset" to return to the Citi scenario baseline.