CryptoSlate stated that Tether and Circle have added about $70B in Treasury bills since 2022. The post described stablecoins as a growing source of short-term US debt demand. It added that the issuers still own less than 1% of Treasuries outstanding. Stablecoins can support the bill market at the margin but cannot replace central banks or major bond buyers, the source said. The linked article framed the trend as stablecoins quietly becoming the Fed’s debt buyer of last resort while expanding private use and Treasury-bill demand.