A new generation of dollar-pegged cryptocurrencies, known as stablecoins, has rapidly grown to $300 billion in market value, fundamentally altering the U.S. Treasury market. These digital assets, backed primarily by U.S. government debt, are now held by major stablecoin issuers like Circle and Tether in quantities exceeding holdings by key foreign creditors such as Saudi Arabia and South Korea. This influx represents a significant shift, as stablecoins flood into the $7 trillion Treasury bill market, a critical hub for corporate cash management and central bank operations.