🔥Hot off the press! Stablecoin issuers are now the world's 18th largest holders of U.S. debt, with a whopping $120 billion in U.S. Treasury notes! 🤯 That's ahead of major nations like Germany and South Korea.

Tether Ltd, the issuer of USDT, alone holds around $91 billion in Treasuries, and Circle, the issuer of USDC, holds short-dated U.S. debt worth $29 billion.

Interestingly, stablecoin legislation is the closest crypto bill to becoming law in the U.S. Congress. 🏛️ Congressman Patrick McHenry is optimistic about a new stablecoin law by the end of the year.

However, the U.S. government debt surpassed the $34 trillion mark early this year and is growing rapidly. The Congressional Budget Office warns that unattended mounting debt concerns could lead to market chaos.

Crypto pundits believe that debt concerns and loss of confidence in Treasuries could spur widespread adoption of alternative assets like bitcoin and gold. 💰💎

What are your thoughts on this? Do you think the rise of stablecoins and the growing U.S. debt could lead to a shift towards crypto? Let's discuss! #CryptoNews #Stablecoins #USDebt