The US is rolling a growing share of its $40T debt into short-term T-bills, and the fastest new buyer of those bills is not a traditional sovereign or money-market fund—it is stablecoin issuers who must park incoming dollars in Treasuries to keep their tokens at $1. https://t.co/drMo0vci6T Bills now make up more than $7T of the marketable debt, and a large slice of public debt matures inside 12 months. That structure forces constant refinancing at current rates and is why interest expense has already overtaken defense. Treasury has also been leaning on more bill issuance and doubling long-end buybacks because demand further out the curve has been weaker. https://t.co/jxpCPqohC9 Stablecoin issuers close part of that gap mechanically. When someone mints USDT or USDC, the issuer receives cash and immediately buys short T-bills or overnight Treasury repo. Tether alone holds roughly $141B of Treasury exposure; Circle parks most of USDC in a BlackRock government fund that owns only T-bills and repos. Together they own a few percent of the entire T-bill market—small next to money-market funds, but already comparable to a mid-sized foreign official holder and growing with every new token issued. https://t.co/LLZ3WBfwcV The loop is simple: global demand for dollar tokens (especially in emerging markets) creates automatic, price-insensitive bid for the exact maturity the Treasury is issuing most of. The US is not “being funded by crypto” in any official sense, but its short-end funding is increasingly absorbed by the same balance sheets that back the on-chain dollar. That is the restructuring.