Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Steer · Prudential sovereign bias

Stablecoin reserve rules requiring short government debt

What it is
Payment-stablecoin laws restrict reserve assets to cash, deposits and short-dated government securities.
Why it counts
Turns stablecoin issuers into structural buyers of Treasury bills, channelling crypto-dollar savings to government funding.

Example

  1. United States

    takes effect 2027Enacted, not yet in force

    As cited: enacted 2025; takes effect on the earlier of 18 months after enactment or 120 days after final regulations (Sec. 20)

    Permitted reserves for payment stablecoins include Treasury bills, notes or bonds with 93 days or less to maturity.

    GENIUS Act (S. 1582, 119th Congress, enrolled), section 4(a)(1)(A)Primary source
    “(iii) Treasury bills, notes, or bonds-- (I) with a remaining maturity of 93 days or less; or (II) issued with a maturity of 93 days or less;”

    govinfo.gov (opens in a new tab)Checked: quote matched on the page by script

    United States today: index 42.9

Examples and their dates reviewed .

Further reading