Proposed Stablecoin Reserve Rules Could Significantly Boost Treasury Bill Demand, Says TBAC

The Treasury Borrowing Advisory Committee (TBAC) stated on October 24, 2026, that proposed stablecoin reserve requirements could lead to a substantial increase in demand for short-dated U.S. Treasury bills. Under a comprehensive U.S. regulatory framework, daily demand for T-bills could climb by tens of billions of dollars as stablecoin market capitalization grows. The proposed rules mandate stablecoin issuers to hold reserves primarily in short-dated U.S. Treasury bills, cash, and central bank deposits, a move codified by the OCC's August 2026 final rule under the GENIUS Act.