"The growth of stablecoins led to a small increase in demand for short-term Treasury bills," the US Treasury said in a new report reviewing in part the impact of digital assets. "Despite a small base, digital assets have seen rapid growth," the 132-page report said. "Growth has come from both native cryptocurrencies such as Bitcoin and Ethereum and stablecoins, digital asset market capitalization remains low compared to other financial and physical assets, and growth to date does not appear to have eaten into demand for Treasuries." The US Treasury said an estimated $120 billion of stablecoin collateral has been invested in US Treasuries, with Tether holding $81 billion worth of US treasury securities.