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GENIUS Act reserve rules confine stablecoin backing to assets maturing within 93 days, so issuer growth channels demand almost entirely into T-bills while Treasury leans on liquidity buybacks across 10- to 30-year maturities to support a roughly $28B long-bond shortfall. That split is a curve trade, not a funding fix: front-end bill yields stay anchored by structural stablecoin demand, while term premium at the long end still depends on dealers, pensions and foreign buyers, keeping steepening pressure and UST volatility alive. Watch buyback operation sizes, 10- and 30-year auction tails, and monthly USDT/USDC reserve disclosures; a soft long-end auction would tighten dollar liquidity and hit BTC and ETH beta even as bill demand looks healthy.
As a Macro signal, watch whether it changes price action, volatility, or flows around USDT, BTC, ETH.
Original Source: CryptoSlate
This page is market information analysis, not investment advice.
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