Bountycaster
Bountycaster
Subscribe
FAQ
Wall of thanks
Home
Subscribe
Degen bounties
FAQ
Leaderboard
Wall of thanks
© 2025
•
Bountycaster
•
Terms

Bounties on Farcaster

USDC1,020 USDC
Verified paid
Verified paid
Completedon Mar 26
by
Profile icon
@lxn
& 3 others
Channel: Bounties

Bounties

Will stablecoins become the world's largest owners of US Treasuries?
Profile icon
Fred Ehrsa...@fehrsam

& 1 other

·

1y

·

Posted 1 completed bounty

·

Farcaster
Will stablecoins become the world's largest owners of US Treasuries? 💵 It seems possible that crypto stablecoins become the largest holders of US Treasuries in the world. Putting up $1000 for the one layer deeper analysis to support or debunk that thesis. @bountybot
28
13
87
BountycasterView in Warpcast

Contributions

Profile icon
@fehrsam
+ 1,000 USDC
Profile icon
@nor
+ 20 USDC
RepliesDirect replies
UsersList of users
  • Profile icon
    Jeremy Bat...
    Top bounty completer
    @jeremybatchelder

    ·

    1y

    ·

    Completed 1 bounty
    Bounty completer
    Here’s my submission - https://docs.google.com/spreadsheets/d/15sxp6czHBSuJzfP3jcgp89pMo2VmzSr3ypXXkjGCxs8/edit?usp=sharing I think it’s important to clarify in the original post that 16th largest treasury holder should be in comparison to sovereign entities and not the federal reserve system, mutual funds, etc
    Payments to @jeremybatchelder for this bounty
    • 1,000 USDC
  • Profile icon
    paulx.eth
    Top bounty completer
    @paulx

    ·

    1y

    ·

    Completed 1 bounty
    Bounty completer
    Posting my submission and explainer thread here: https://warpcast.com/paulx/0x0645138f
    Payments to @paulx for this bounty
    • 250 USDC
  • Profile icon
    Michael
    Top bounty completer
    @michaellwy

    ·

    1y

    ·

    Completed 1 bounty
    Bounty completer
    Here's my submission: https://docs.google.com/document/d/1xdnsVk-Q0h2Vrc_Ggaisqozr9vB1yMB8/edit?usp=sharing&ouid=101708739575855739206&rtpof=true&sd=true
    Payments to @michaellwy for this bounty
    • 1,000 USDC
  • Profile icon
    Lukas Rupp...
    Top bounty completer
    @lxn

    ·

    1y

    ·

    Completed 1 bounty
    Bounty completer
    On it!
    Payments to @lxn for this bounty
    • 1,000 USDC
  • Profile icon
    Lukas Rupp...
    Top bounty completer
    @lxn

    ·

    1y

    ·

    Completed 1 bounty
    Bounty completer
    Stablecoins are set to become the world's largest owner of US Treasuries by 2028! Here is my submission mega thread: https://warpcast.com/lxn/0x0d145342
    Payments to @lxn for this bounty
    • 1,000 USDC
  • Profile icon
    Connor McC...
    Top bounty completer
    @nor

    ·

    1y

    ·

    Completed 0 bounties
    Channel member
    Ooh, great bounty. Created a negation game for it too https://negationgame.com/?ids=0x8b760d0cf99f7d16962a17ecc3f1757fca1176bd @bountybot add $20 USDC
  • Profile icon
    Idan Levin...
    Top bounty completer
    @idanlevin

    ·

    1y

    ·

    Completed 0 bounties
    Channel member
    Internet memes spreads in the speed of light US government wants to maintain USD dominance. Best strategy: stablecoins Conclusion: stables will spread over the internet and capture all US treasuries in the world
    Cast
  • Profile icon
    Gajesh
    Top bounty completer
    @gaj

    ·

    1y

    ·

    Completed 0 bounties
    Channel member
    here's my submission :) https://hackmd.io/@l6OV13E3R_KkflLbCoIPKg/SyQX26vCa
  • Profile icon
    Fred Ehrsa...
    Top bounty completer
    @fehrsam

    ·

    1y
    Thesis: - Stablecoins $150bn market cap - Probably mostly held in Treasuries - ~#16 on list of US Treasury holders today - Largest holders today: Japan $1.1tn, China $770bn (and declining) - Stablecoins will 10x in market cap in ~10 yrs - This could make stablecoin issuers one of largest global holders of Treasuries
  • Profile icon
    William Mo...
    Top bounty completer
    @wmougayar

    ·

    1y

    ·

    Completed 0 bounties
    Why single out US Treasuries? I think the trend is toward a diversified basket of cash equivalent assets to back stablecoins. Related thesis would be that Stablecoins will penetrate a diversified set of assets, so pick a range of low-risk asset classes & predict respective % Stablecoin ownership.
  • Profile icon
    Liam
    Top bounty completer
    @liam.eth

    ·

    1y

    ·

    Completed 0 bounties
    cc @nic
  • Profile icon
    Giuliano G...
    Top bounty completer
    @giu

    ·

    1y

    ·

    Completed 0 bounties
    Great bounty!
  • Profile icon
    Pierrick
    Top bounty completer
    @pierrick

    ·

    1y

    ·

    Completed 1 bounty
    500 $degen
  • Profile icon
    Pierrick
    Top bounty completer
    @pierrick

    ·

    1y

    ·

    Completed 1 bounty
    You are confirming our thesis at Mˆ0. ;) https://www.m0.org
  • Profile icon
    Devon H. D...
    Top bounty completer
    @devonhdolan

    ·

    1y

    ·

    Completed 1 bounty
    Calling @emre /parabol — pretty sure this your thesis!
  • Profile icon
    nic carter
    Top bounty completer
    @nic

    ·

    1y

    ·

    Completed 0 bounties
    I think they can catch all nations other than Japan (1T), China (769b), and the UK (693b) within a year or two. Luxembourg is fourth at 345b and that's totally reachable. In terms of MMMFs, Fidelity is the largest at 1.3t and growing, followed by JPM (700b) and Vanguard (600b)
  • Profile icon
    dayvoid97 ...
    Top bounty completer
    @kanchan

    ·

    1y

    ·

    Completed 0 bounties
    Stablecoins will have to beat the Federal Reserve to be the largest holders of Treasuries. I don't think that's veyr likely given the size and scope of the Federal Reserve.
  • Profile icon
    Orkun | pa...
    Top bounty completer
    @orkun

    ·

    1y

    ·

    Completed 0 bounties
    Here are my thoughts on the question: TLDR; Will stablecoins become the Largest holder of USTs? I doubt it! Will they be a significant player? Abso-frigging-lutely. Full analysis: https://docs.google.com/document/d/1tnylGbQQVnijUoiPtKH2KR-3SxRmXi-5tNnjvKTNIcI/edit?usp=sharing cc @parabol @emre /parabol
  • Profile icon
    Eric Noxon
    Top bounty completer
    @ericnoxon

    ·

    1y

    ·

    Completed 0 bounties
    Here is my submission 👇 A brief on the tenfold increase in stablecoin ownership of U.S. Treasuries coming in the next decade. https://docs.google.com/document/d/11x6iJptRQRDeQUFJxFCFPOvURPhgQBl8bAOC-ipTDM8/edit
  • Profile icon
    Kole Lee
    Top bounty completer
    @kolelee

    ·

    1y

    ·

    Completed 0 bounties
    up for the challenge 🫡
  • Profile icon
    B
    Top bounty completer
    @brodie

    ·

    1y

    ·

    Completed 0 bounties
    Corollary many more sovereign entities will own btc this cycle
  • Profile icon
    Boldrin
    Top bounty completer
    @boldrin7

    ·

    1y

    ·

    Completed 0 bounties
    The marketcap is huge
  • Profile icon
    Orion Nigh...
    Top bounty completer
    @oriones

    ·

    9mo

    ·

    Completed 0 bounties
    Fantastic effort! what's ur view?
  • Profile icon
    Thalia Whi...
    Top bounty completer
    @thaliaz

    ·

    9mo

    ·

    Completed 0 bounties
    Killer stuff! ur take?
  • Profile icon
    chillin_dr...
    Top bounty completer
    @mariiiiiii2x796

    ·

    4mo

    ·

    Completed 0 bounties
    interesting take! stablecoins are def shaking up the finance world. who would've thought they'd be buying up treasuries? 🤔💸
  • Profile icon
    dreamChase...
    Top bounty completer
    @shclorpy467

    ·

    2mo

    ·

    Completed 0 bounties
    wow, that's a wild thought! stablecoins are really shaking things up. can't wait to see how this unfolds 🤔💸
  • Profile icon
    chill_vibe...
    Top bounty completer
    @gamerjuice13

    ·

    12d

    ·

    Completed 0 bounties
    wow, that's wild! 🤯 can't believe how fast crypto's movin'. gonna be interesting to see how this plays out! 💸
Profile icon
Jeremy Bat...
Top bounty completer
@jeremybatchelder

·

1y

·

Completed 1 bounty
Bounty completer
3) The above number is a "best-case" scenario, with crypto-backed stablecoins comprising 0% of the supply (considered improbable). However, with a conservative estimate of a 25% crypto-backed supply, as forecasted by @nic for the next two years, issuers would fall to 8th place.
Payments to @jeremybatchelder for this bounty
  • 1,000 USDC
Profile icon
Jeremy Bat...
Top bounty completer
@jeremybatchelder

·

1y

·

Completed 1 bounty
Bounty completer
2) Should the stablecoin market float increase tenfold, and assuming each country continues its 4-year compound annual growth rate (CAGR) for treasury security holdings, stablecoin issuers could ascend to the 7th position among the largest holders.
Payments to @jeremybatchelder for this bounty
  • 1,000 USDC
Profile icon
Jeremy Bat...
Top bounty completer
@jeremybatchelder

·

1y

·

Completed 1 bounty
Bounty completer
1) Stablecoin issuers are the 22nd, not the 16th, largest holder of treasury securities among sovereign entities. Issuers only keep between 27% and 80% of their collateral in treasury securities — a percentage that increases when repo agreements are factored in. The doc provides details on both figures.
Payments to @jeremybatchelder for this bounty
  • 1,000 USDC
Profile icon
Jeremy Bat...
Top bounty completer
@jeremybatchelder

·

1y

·

Completed 1 bounty
Bounty completer
Thanks @linda!
Payments to @jeremybatchelder for this bounty
  • 1,000 USDC
Profile icon
Jeremy Bat...
Top bounty completer
@jeremybatchelder

·

1y

·

Completed 1 bounty
Bounty completer
Assumptions to highlight: - The collateral distribution for stablecoin issuers remains constant over the next 10 years, excluding repo agreements, though the document provides data with and without repos as part of treasury holdings.
Payments to @jeremybatchelder for this bounty
  • 1,000 USDC
Profile icon
Linda Xie
Top bounty completer
@linda

·

1y

·

Completed 37 bounties
Channel member
@fehrsam great submission here
Profile icon
Linda Xie
Top bounty completer
@linda

·

1y

·

Completed 37 bounties
Channel member
@fehrsam another interesting submission worth looking at
Profile icon
Jeremy Bat...
Top bounty completer
@jeremybatchelder

·

1y

·

Completed 1 bounty
Bounty completer
Great submission - I debated including repo agreements in the calculations. Ultimately, I didn't cause it seems that this could lead to double counting treasury securities i.e. lendee who owns treasuries + reverse repo purchaser count the same treasury asset on their balance sheet. What was your rationale?
Payments to @jeremybatchelder for this bounty
  • 1,000 USDC
Profile icon
Philip Dec...
Top bounty completer
@psd

·

1y

·

Completed 0 bounties
Great submission here, which illuminates the real question: what will drive future demand for stablecoins??Dollarization? Sure. But bigger catalyst imo will be inflation resistance! Yield-bearing stables pegged to CPI will drive massive demand globally.
Profile icon
Lukas Rupp...
Top bounty completer
@lxn

·

1y

·

Completed 1 bounty
Bounty completer
Part Deux - To the Moon or Mars? Growth Factors for Stablecoin Finance. https://drive.google.com/file/d/1g95DWv07kDpgiBMS_SujAErMygo79WIN/view?usp=sharing
Payments to @lxn for this bounty
  • 1,000 USDC
Profile icon
Lukas Rupp...
Top bounty completer
@lxn

·

1y

·

Completed 1 bounty
Bounty completer
The calculations, explanations, data and charts on which this article is based can be found here: https://docs.google.com/spreadsheets/d/1fryNZTw3Ho2dgHGU-N5XIf84E95rIhuL/edit?usp=sharing&ouid=115493322550938224520&rtpof=true&sd=true
Payments to @lxn for this bounty
  • 1,000 USDC
Profile icon
Lukas Rupp...
Top bounty completer
@lxn

·

1y

·

Completed 1 bounty
Bounty completer
I have created three pieces writing about the Stablecoin Revolution. Part Un - Why Stablecoins are set to become the largest owner of US Treasuries by 2028. https://drive.google.com/file/d/187qWwp0FHsB17fkWJbRrFNhT3FjqNk81/view?usp=sharing
Payments to @lxn for this bounty
  • 1,000 USDC
Profile icon
Lukas Rupp...
Top bounty completer
@lxn

·

1y

·

Completed 1 bounty
Bounty completer
Part Trois - How the Stablecoin Bull Case could change the world. https://drive.google.com/file/d/1Xgj3U-BeojfnNZbdAHrQApnMs14Wtjew/view?usp=sharing
Payments to @lxn for this bounty
  • 1,000 USDC
Profile icon
paulx.eth
Top bounty completer
@paulx

·

1y

·

Completed 1 bounty
Bounty completer
my submission and explainer thread here 🧵 : https://warpcast.com/paulx/0x0645138f
Payments to @paulx for this bounty
  • 250 USDC
Profile icon
Michael
Top bounty completer
@michaellwy

·

1y

·

Completed 1 bounty
Bounty completer
@linda @fehrsam Here's my submission: https://docs.google.com/document/d/1xdnsVk-Q0h2Vrc_Ggaisqozr9vB1yMB8/edit?usp=sharing&ouid=101708739575855739206&rtpof=true&sd=true
Payments to @michaellwy for this bounty
  • 1,000 USDC
Profile icon
Fred Ehrsa...
Top bounty completer
@fehrsam

·

1y
Items for the analysis: - Confirming at whatever level of detail possible the amount of stablecoin reserves held in US Treasuries today - Confirming the largest holders of Treasuries in world today and projected in 10 years - Any other relevant thoughts or datapoints
Profile icon
Fred Ehrsa...
Top bounty completer
@fehrsam

·

1y
…all with the backdrop of foreign appetite for US Treasuries declining and a Treasury auction that almost failed last year. If true, not only are stablecoins spreading the dollar, they would be a critical “sink” for Treasuries.
Profile icon
Roy
Top bounty completer
@roy3

·

1y

·

Completed 0 bounties
300 $DEGEN and 10 warps for this take
Profile icon
Fred Ehrsa...
Top bounty completer
@fehrsam

·

1y
To clarify: $1k for the best analysis. Expires in 2 weeks.
Profile icon
Fred Ehrsa...
Top bounty completer
@fehrsam

·

1y
I agree with this nuance. One motivator was that US policymakers will care about a large sink for US Treasuries and it's a legible singular narrative. There's also a world where stablecoin issuers become "systemically important" beyond just US Treasury holdings, which I think is where we're headed.
Profile icon
emre
Top bounty completer
@emre

·

1y

·

Completed 0 bounties
Channel member
https://warpcast.com/emre/0xc25405cb
Profile icon
emre
Top bounty completer
@emre

·

1y

·

Completed 0 bounties
Channel member
Full post on /mirror : https://mirror.xyz/parabolfinance.eth/arSDKB8Hyq0w2mb0km-_W_1WmVHWo2bpPvkXaHY4QR4

Original poster thread

  • Profile icon
    Fred Ehrsa...
    Top bounty completer
    @fehrsam

    ·

    1y
    To clarify: $1k for the best analysis. Expires in 2 weeks.
  • Profile icon
    Fred Ehrsa...
    Top bounty completer
    @fehrsam

    ·

    1y
    Thesis: - Stablecoins $150bn market cap - Probably mostly held in Treasuries - ~#16 on list of US Treasury holders today - Largest holders today: Japan $1.1tn, China $770bn (and declining) - Stablecoins will 10x in market cap in ~10 yrs - This could make stablecoin issuers one of largest global holders of Treasuries
  • Profile icon
    Fred Ehrsa...
    Top bounty completer
    @fehrsam

    ·

    1y
    …all with the backdrop of foreign appetite for US Treasuries declining and a Treasury auction that almost failed last year. If true, not only are stablecoins spreading the dollar, they would be a critical “sink” for Treasuries.
  • Profile icon
    Fred Ehrsa...
    Top bounty completer
    @fehrsam

    ·

    1y
    Items for the analysis: - Confirming at whatever level of detail possible the amount of stablecoin reserves held in US Treasuries today - Confirming the largest holders of Treasuries in world today and projected in 10 years - Any other relevant thoughts or datapoints