On August 22nd, Juan Leon, a senior investment strategist at Bitwise, wrote in X: "According to a report by Bloomberg, stablecoins currently hold about 1% of US treasury securities, but this proportion may soon grow to 15%, making it one of the top three holders. Without regulation, stablecoins have gone from $0 to nearly $170 billion in a few years. Now that a stablecoin bill has bipartisan support in Congress, Federal Reserve officials have recognized stablecoins as a new tool to increase the dollar's global reach and support the U.S. Treasury market. As stablecoin regulation takes effect in Europe in 2025 and the US looks to catch up, stablecoins will increasingly become embedded in the pipelines of the digital economy. As artificial intelligence agents become more commonplace, stablecoins will become the mechanism of choice for digital commerce. The digital economy already accounts for 15% of the world economy and is growing 2-3 times faster. The use of stablecoins is growing at an exponential rate, which means that the pace from $170 billion to $1 trillion will be faster than the rate from $0 to $170 billion. $1 trillion of stablecoin Treasury purchases will dwarf the top 10 money market funds and rank among the top three holders (over $800 billion). "