Latest news with #JacquelynMartin
Toronto Sun
27-05-2025
- Politics
- Toronto Sun
California changes competition rules for track and field final amid controversy over trans athlete
Published May 27, 2025 • 2 minute read President Donald Trump speaks during the 157th National Memorial Day Observance at Arlington National Cemetery, Monday, May 26, 2025, in Arlington, Va. Photo by Jacquelyn Martin / AP The governing board for California high school sports is changing its competition rules at this weekend's state track and field championships to allow more girls to take part amid controversy over the participation of a trans student-athlete. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The California Interscholastic Federation said it was extending access for more cisgender athletes to participate in the championship meet this weekend. The federation announced the change Tuesday after President Donald Trump posted on his social media site about the participation of a trans athlete in the competition. 'Under this pilot entry process, any biological female student-athlete who would have earned the next qualifying mark for one of their Section's automatic qualifying entries in the CIF State meet, and did not achieve the CIF State at-large mark in the finals at their Section meet, was extended an opportunity to participate in the 2025 CIF State Track and Field Championships,' the group said in a statement. 'The CIF believes this pilot entry process achieves the participation opportunities we seek to afford our student-athletes.' Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The federation didn't specify whether the change applies to all events or only events where a trans athlete has qualified for the final. The change only applies to this weekend's competition. In a social media post Tuesday morning, Trump threatened to pull federal funding in California if the state did not bar trans students from participating in girls sports. The post referenced AB Hernandez, a trans athlete who competes in girls track and field. 'THIS IS NOT FAIR, AND TOTALLY DEMEANING TO WOMEN AND GIRLS,' Trump said. The Trump administration launched an investigation earlier this year over a law that says districts can't force teachers and staff to notify parents if a student changes their gender identity at school. This advertisement has not loaded yet, but your article continues below. Trump's comments came months after California Gov. Gavin Newsom said on his podcast that transgender girls' participation in girls sports was 'deeply unfair.' Trump said he planned to talk to Newsom about the issue Tuesday. The governor's office did not immediately confirm the call but weighed in on the California Interscholastic Federation rule change. 'CIF's proposed pilot is a reasonable, respectful way to navigate a complex issue without compromising competitive fairness _ a model worth pursuing,' Gardon said. 'The Governor is encouraged by this thoughtful approach.' The Associated Press tried to reach Hernandez's mother through an email address and phone number listed in public records, but has not heard back. Hernandez is scheduled to compete in the girls varsity triple jump, high jump and long jump in the state finals. Hernandez won the triple jump, placed third in the long jump and eighth in the high jump in the CIF Division 3 preliminary competition on May 11, according to CIF results. Check out our sports section for the latest news and analysis. World Toronto & GTA Toronto Maple Leafs World Columnists
Newsweek
22-05-2025
- General
- Newsweek
How to Honor Memorial Day: Respectful Observances, Do's and don'ts
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Memorial Day, observed annually on the last Monday of May, serves as a solemn time for Americans to remember and honor military personnel who have died in service to the U.S. While backyard barbecues and family gatherings have become part of the long holiday weekend, organizations and veterans' groups remind citizens that specific traditions and etiquette should be followed during the commemoration. Why It Matters For many Americans, Memorial Day marks the unofficial start of summer, but the day's original purpose is far more significant: honoring those who made the ultimate sacrifice. Misunderstandings and misplaced gestures, such as wishing others a "Happy Memorial Day" or conflating the observance with Veterans Day, can undermine the day's gravity. As communities nationwide resume gatherings and traditional celebrations, veterans' groups stress the importance of preserving the integrity of Memorial Day's meaning for current and future generations. File photo: a member of the Army visits Section 60 of Arlington National Cemetery, in Arlington, Virginia, in 2024 on Memorial Day. File photo: a member of the Army visits Section 60 of Arlington National Cemetery, in Arlington, Virginia, in 2024 on Memorial Day. Jacquelyn Martin/AP What To Know Memorial Day, originally called Decoration Day, began after the Civil War in 1868 as a time to honor the fallen by placing flowers on their graves and specifically to commemorate those who died defending the country—a tradition that has since expanded to honor all U.S. military members lost in service. When respectfully observing and participating in the commemoration of the day, here are some things to consider. Do: Observe the National Moment of Remembrance, which is usually at 3 p.m. local time on Memorial Day, where Americans are encouraged to pause for a minute of silence to honor the fallen. Visit cemeteries or memorials: individuals may honor service members by laying flowers or flags at cemeteries, especially military resting places, where many graves often go undecorated. Wearing red, white and blue, but not using the American flag as decoration: the flag is not meant to be worn as an accessory, so show your patriotism through a red, white and blue color scheme in your outfit. Support veteran organizations: while the day honors the fallen, donating to groups helping living veterans can extend respect and gratitude beyond the holiday. Educate yourself about the day by learning more about the day's history and sharing stories of those who served and died, to help preserve its significance within families and communities. Tune in to the National Memorial Day Concert on Sunday, May 24 at 8 p.m. ET. Don't: Do not say "Happy Memorial Day:" veterans and organizations caution that the phrase is inappropriate, as the holiday is for somber remembrance, not celebration. Do not thank current troops for their service as Memorial Day honors the fallen and Veterans Day recognizes all veterans. -While thanking the living on this day is well-intentioned, it may conflate the observances. Do not let commercialization overtake meaning: while sales and barbecues are common, some warn against allowing these to eclipse the day's true intent. Do not let politics detract from tribute: differences in views on war or government policies should not interfere with respecting those who died in service. Do not use the flag as clothing. While it is customary for Americans to gather for picnics, sports, and barbecues, many groups emphasize blending these celebrations with moments of reflection. For example, families can dedicate a table or moment to honor fallen service members before meals or integrate stories and memory-sharing alongside festivities. What People Are Saying VA Secretary Doug Collins said: "Every day throughout the year, VA plays a vital role in remembering and honoring the brave service members who gave their lives in defense of the freedoms America holds dear. This Memorial Day weekend, we invite Americans to visit VA cemeteries and join us in reflecting upon the important legacies of these fallen heroes." What Happens Next More than 130 Memorial Day public ceremonies hosted by the Department of Veterans Affairs at VA National cemeteries will be happening across the U.S. between May 23-26, 2025. Regular updates and related veteran benefits news can be found on the VA's website and communications outlets. Be sure to confirm event dates and timings with the VA before attending as listings published here may have changed for reasons including adverse weather conditions.
Newsweek
21-05-2025
- General
- Newsweek
VA Memorial Day Ceremonies: List in Full
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Americans will have the opportunity to honor military personnel who have made the ultimate sacrifice at more than 130 Memorial Day public ceremonies hosted by The Department of Veterans Affairs at VA National cemeteries across the U.S. between May 23-26, 2025. All 156 VA National Cemeteries and 35 soldiers' lots will be open for commemorations, and events are expected to draw around 100,000 attendees nationwide, said the Department of Veterans Affairs (VA). Why It Matters These Memorial Day ceremonies allow people across the country to participate locally in tributes to fallen service members, reinforcing national gratitude and remembrance. The ceremonies come as the VA launches major updates to benefits systems and health care access, broadening support and modernization for veterans and their survivors. This year's events offer an opportunity to connect with the VA's ongoing reforms while participating in commemorative traditions. File photo: graves with flags for Memorial Day are seen in Section 60 of Arlington National Cemetery, Virginia, in 2024. File photo: graves with flags for Memorial Day are seen in Section 60 of Arlington National Cemetery, Virginia, in 2024. Jacquelyn Martin/AP What To Know The VA's National Cemetery Administration maintains the complete, continually-updated roster of all scheduled Memorial Day ceremonies—by cemetery, state, and date—on its official event Memorial Day 2025 - National Cemetery Administration. This site provides exact addresses, ceremony times, contact details, and updates for participating locations nationwide. Here is the full list of events scheduled to date: Alabama Alabama National Cemetery 5/26, 9 a.m. Fort McClellan Post Cemetery 5/26, 10:30 a.m. Fort Mitchell National Cemetery 5/26, 10 a.m. Mobile National Cemetery 5/26, 8:30 a.m. Alaska Fort Richardson National Cemetery 5/26, noon. Arizona National Memorial Cemetery of Arizona 5/26, 8 a.m. Prescott National Cemetery 5/26, 11 a.m. Arkansas Fayetteville National Cemetery 5/26, 10 a.m. Fort Smith National Cemetery 5/25, 2 p.m. Little Rock National Cemetery 5/24, 8 a.m. California Bakersfield National Cemetery 5/24, 9 a.m. Benicia Arsenal Post Cemetery 5/26, 9 a.m. Fort Rosecrans National Cemetery 5/26, 10 a.m. Golden Gate National Cemetery 5/26, 11 a.m. Los Angeles National Cemetery 5/26, 10 a.m. Mare Island Naval Cemetery 5/26, 9 a.m. Miramar National Cemetery 5/25, 1 p.m. Riverside National Cemetery 5/26, 11 a.m. Sacramento Valley National Cemetery 5/24, 9 a.m. San Francisco National Cemetery 5/26, 11 a.m. San Joaquin Valley National Cemetery 5/25, 9 a.m. Colorado Fort Logan National Cemetery 5/26, 11 a.m. Fort Lyon National Cemetery 5/26, 10 a.m. Pikes Peak National Cemetery 5/26, 10 a.m. Florida Barrancas National Cemetery 5/26, 9 a.m. Bay Pines National Cemetery 5/26, 11 a.m. Cape Canaveral National Cemetery 5/26, 10 a.m. Florida National Cemetery 5/26, 11 a.m. Jacksonville National Cemetery 5/24, 9:30 a.m. Sarasota National Cemetery 5/24, 10 a.m. South Florida National Cemetery 5/26, 10 a.m. St. Augustine National Cemetery 5/26, 10 a.m. Tallahassee National Cemetery 5/24, 1 p.m. Georgia Georgia National Cemetery 5/24, 10 a.m. Marietta National Cemetery 5/26, noon. Hawaii National Memorial Cemetery of the Pacific 5/26, 8:30 a.m. Idaho Snake River Canyon National Cemetery 5/26, 10 a.m. Illinois Abraham Lincoln National Cemetery 5/26, 11:30 a.m. Alton National Cemetery 5/26, 6 p.m. Camp Butler National Cemetery 5/26, 2 p.m. Danville National Cemetery, IL 5/26, 11 a.m. Fort Sheridan National Cemetery 5/25, 1 p.m. Mound City National Cemetery 5/24, 10 a.m. Rock Island National Cemetery 5/26, 10:45 a.m. Indiana Crown Hill Columbarium Annex 5/26, 11 a.m. Marion National Cemetery 5/26, 11 a.m. New Albany National Cemetery 5/26, 1 p.m. Iowa Keokuk National Cemetery 5/26, 11 a.m. Kansas Fort Leavenworth National Cemetery 5/26, 11:40 a.m. Fort Scott National Cemetery 5/26, 10:30 a.m. Leavenworth National Cemetery 5/26, 9 a.m. Kentucky Camp Nelson National Cemetery 5/26, 11 a.m. Cave Hill National Cemetery 5/26, 11 a.m. Lebanon National Cemetery 5/25, 2 p.m. Lexington National Cemetery 5/26, 11 a.m. Mill Springs National Cemetery 5/26, 11 a.m. Zachary Taylor National Cemetery 5/26, 2 p.m. Louisiana Alexandria National Cemetery, LA 5/26, 9 a.m. Louisiana National Cemetery 5/26, 11 a.m. Maine Acadia National Cemetery 5/24, 1 p.m. Maryland Annapolis National Cemetery 5/23, 5 p.m. Baltimore National Cemetery 5/30, 11 a.m. Loudon Park National Cemetery 5/26, 11 a.m. Massachusetts Fort Devens Post Cemetery 5/23, 10 a.m. Massachusetts National Cemetery 5/25, 1 p.m. Michigan Fort Custer National Cemetery 5/25, 2 p.m. Great Lakes National Cemetery 5/25, 1 p.m. Minnesota Fort Snelling National Cemetery 5/26, 9:45 a.m. Mississippi Biloxi National Cemetery 5/26, 9 a.m. Corinth National Cemetery 5/26, 2 p.m. Natchez National Cemetery 5/26, 11 a.m. Missouri Jefferson Barracks National Cemetery 5/26, 10 a.m. Springfield National Cemetery 5/26, 11 a.m. Montana Yellowstone National Cemetery 5/26, noon. Nebraska Fort McPherson National Cemetery 5/26, 2 p.m. Omaha National Cemetery 5/26, 11:30 a.m. New Jersey Beverly National Cemetery 5/26, 1 p.m. New Mexico Fort Bayard National Cemetery 5/26, 10 a.m. Santa Fe National Cemetery 5/26, 10 a.m. New York Bath National Cemetery 5/26, 10 a.m. Calverton National Cemetery 5/26, 1 p.m. Cypress Hills National Cemetery 5/25, 11 a.m. Gerald B.H. Solomon Saratoga National Cemetery 5/24, 11 a.m. Long Island National Cemetery 5/25, 2 p.m. Western New York National Cemetery 5/25, 2 p.m. Woodlawn National Cemetery 5/26, noon. North Carolina New Bern National Cemetery 5/26, 11 a.m. Salisbury National Cemetery Annex 5/26, 11 a.m. Wilmington National Cemetery 5/26, 11 a.m. North Dakota Fargo National Cemetery 5/26, 3 p.m. Ohio Dayton National Cemetery 5/26, 11 a.m. Ohio Western Reserve National Cemetery 5/25, 2 p.m. Oklahoma Fort Gibson National Cemetery 5/26, 10 a.m. Fort Sill National Cemetery 5/26, 10 a.m. Oregon Eagle Point National Cemetery 5/26, 11 a.m. Fort Stevens National Cemetery 5/26, 11 a.m. Roseburg National Cemetery 5/26, 11 a.m. Willamette National Cemetery 5/26, 10 a.m. Pennsylvania Indiantown Gap National Cemetery 5/25, 2 p.m. National Cemetery of the Alleghenies 5/25, 11 a.m. Philadelphia National Cemetery 5/26, 10 a.m. Washington Crossing National Cemetery 5/26, 11 a.m. Puerto Rico Morovis National Cemetery 5/24, 9 a.m. Puerto Rico National Cemetery 5/26, 9 a.m. South Carolina Beaufort National Cemetery 5/26, noon. Florence National Cemetery 5/26, 10 a.m. Fort Jackson National Cemetery 5/26, 10 a.m. South Dakota Black Hills National Cemetery 5/26, 11 a.m. Tennessee Chattanooga National Cemetery 5/26, 11 a.m. Knoxville National Cemetery 5/26, 11 a.m. Memphis National Cemetery 5/25, 2 p.m. Mountain Home National Cemetery 5/26, 11 a.m. Nashville National Cemetery 5/26, 11 a.m. Texas Dallas-Fort Worth National Cemetery 5/26, 11 a.m. Fort Bliss National Cemetery 5/26, 9 a.m. Fort Sam Houston National Cemetery 5/26, 9:30 a.m. Houston National Cemetery 5/26, 9 a.m. Virginia Alexandria National Cemetery, VA 5/26, 11 a.m. Cold Harbor National Cemetery 5/26, 11 a.m. Culpeper National Cemetery 5/26, 11 a.m. Danville National Cemetery, VA 5/25, 2:30 p.m. Hampton National Cemetery 5/26, 10 a.m. National Memorial Cemetery at Quantico 5/26, 11 a.m. Seven Pines National Cemetery 5/26, noon. Winchester National Cemetery 5/26, 11 a.m. Washington Fort Lawton Post Cemetery 5/26, 11 a.m. Fort Worden Post Cemetery 5/26, 10 a.m. Tahoma National Cemetery 5/26, 1 p.m. Vancouver Barracks National Cemetery 5/26, 10 a.m. West Virginia Grafton National Cemetery 5/26, noon. West Virginia National Cemetery 5/25, 1 p.m. Wisconsin Northwoods National Cemetery 5/26, 2:30 p.m. Wood National Cemetery 5/26, 9:25 a.m. Wyoming Cheyenne National Cemetery 5/26, 1 p.m. Readers and attendees are advised to confirm timings and locations on the VA website, as event specifics may change. Information is being updated up to Memorial Day, and attendees should confirm times and addresses as event details may change, so be sure to check this list. Individuals unable to attend in person may honor veterans online by submitting tributes and stories at the Veterans Legacy Memorial (VLM) website, which posts memorial pages for over 10 million veterans. Livestreams, photos, and videos from ceremonies will appear on the National Cemetery Administration's Facebook and X (Twitter) accounts. What People Are Saying VA Secretary Doug Collins said: "Every day throughout the year, VA plays a vital role in remembering and honoring the brave service members who gave their lives in defense of the freedoms America holds dear. This Memorial Day weekend, we invite Americans to visit VA cemeteries and join us in reflecting upon the important legacies of these fallen heroes." What Happens Next Regular updates and related veteran benefits news can be found on the VA's website and communications outlets. Be sure to confirm event dates and timings with the VA before attending as listings published here may have changed for reasons including adverse weather conditions.
Forbes
05-05-2025
- Business
- Forbes
Stablecoins Set To Surpass China In U.S. Treasury Holdings By 2028
Treasury Secretary Scott Bessent views stablecoins as a strategic tool to boost U.S. Treasury demand ... More and strengthen dollar dominance. (AP Photo/Jacquelyn Martin) A powerful U.S. Treasury advisory group sees stablecoins emerging as a major new source of demand for government debt. With the market projected to reach $2 trillion by 2028—nearly all of it dollar-denominated. At its meeting last week, the Treasury Borrowing Advisory Committee —comprising senior executives from BlackRock, JPMorgan, and other major financial institutions reporting to Treasury Secretary Scott Bessen—highlighted the stablecoin market as a rapidly expanding force in creating new Treasury demand. The implication is clear: current regulatory proposals could channel more stablecoin reserves into U.S. Treasuries than China currently holds. While the committee stopped short of making direct comparisons, its analysis suggests that if projected growth materializes and legislation like the GENIUS Act is enacted, stablecoin demand could rival that of traditional sovereign creditors. The GENIUS Act, expected to pass in 2025, would regulate stablecoin issuers and link reserves ... More directly to short-term U.S. Treasuries. With the GENIUS Act expected this August, U.S. dollar stablecoin issuers like Tether and Circle will be required to hold reserves—including Treasuries—positioning them as major institutional buyers. That demand could surpass the $784 billion currently held by China, reshaping how the U.S. finances its debt. This isn't just regulatory housekeeping—it's strategic fiscal architecture. 'The ultimate design and adoption of stablecoins will drive the magnitude of impact they have on U.S. Treasury demand,' the TBAC wrote in its meeting minutes. By designating T-bills with maturities under 93 days as eligible reserves, the proposed rules would position stablecoin issuers as key players at the front end of the curve. The GENIUS Act goes further, allowing those Treasuries to be used as repo collateral—making them even more attractive as backing for stablecoins. Japan and China—the top two foreign holders of U.S. Treasuries—currently hold $1.13 trillion and $784 billion, respectively. Combined, that's still less than the projected $2 trillion market cap of stablecoins by 2028. If that projection holds, U.S. dollar stablecoins could soon rival or surpass traditional sovereign creditors. This isn't just crypto—it's a structural shift in how America funds itself, trading geopolitical reliance for market-based infrastructure powered by code and regulation. Stablecoin issuers are already acting like institutional buyers of U.S. Treasuries. Over $120 billion in short-term Treasuries back stablecoins today, with another $90 billion in money market funds. Unlike banks, which operate on fractional reserves, stablecoin issuers—under proposed U.S. rules—would hold full reserves, making them a steady, transparent source of Treasury demand. This shift has high-level backing. Treasury Secretary Scott Bessent has called stablecoins 'a new channel of strategic demand,' saying they not only expand access to the dollar but also 'support sustained demand for U.S. Treasury bills.' Federal Reserve Governor Christopher Waller has backed the role of stablecoins in extending U.S. dollar access globally—especially in high-inflation countries and regions with limited banking. 'U.S. dollar stablecoins could be particularly appealing to those in high-inflation countries or to those without easy or affordable access to dollar cash or banking services,' Waller said. 'I believe that stablecoins have the potential to maintain and extend the role of the dollar internationally.' According to a report by the venture firm a16z, stablecoins are crypto's first 'killer app.' In 2024, stablecoins facilitated $15.6 trillion in transfers—roughly equivalent to Visa's annual volume. In March alone, stablecoin transactions hit a record $1.82 trillion, the report stated. While much of this is financial flows rather than retail payments, it highlights their rapid adoption in global finance. As trade tensions and tariff wars strain U.S.–China ties, Washington looks to stablecoins to reduce ... More its reliance on foreign creditors. As China steadily pulls back—its U.S. Treasury holdings dropping from $1.32 trillion in 2013 to $784 billion—Washington faces a question: who fills the gap? The TBAC suggests stablecoins might. With legislation expected by August, the U.S. could soon have a framework that turns stablecoins from crypto fringe into fiscal foundation. McKinsey estimates global bank deposits at $117 trillion; if less than 8% of this flows into dollar-backed stablecoins, it would exceed all foreign holdings of U.S. Treasuries. If current projections hold and regulation advances, the next major buyer of U.S. Treasuries may not be China or any foreign government—but a global network of dollar-backed stablecoins.
Forbes
05-05-2025
- Business
- Forbes
Stablecoins Could Soon Replace China As Top U.S. Creditor
Treasury Secretary Scott Bessent views stablecoins as a strategic tool to boost U.S. Treasury demand ... More and strengthen dollar dominance. (AP Photo/Jacquelyn Martin) A powerful U.S. Treasury advisory group sees stablecoins emerging as a major new source of demand for government debt. With the market projected to reach $2 trillion by 2028—nearly all of it dollar-denominated—the implication is clear: current regulatory proposals could channel more stablecoin reserves into U.S. Treasuries than China currently holds. At its meeting last week, the Treasury Borrowing Advisory Committee (TBAC)—comprising senior executives from BlackRock, JPMorgan, and other major financial institutions reporting to Treasury Secretary Scott Bessen—highlighted the stablecoin market as a rapidly expanding force in creating new Treasury demand. While the committee stopped short of making direct comparisons, its analysis suggests that if projected growth materializes and legislation like the GENIUS Act is enacted, stablecoin demand for Treasuries could rival that of traditional sovereign creditors. The GENIUS Act, expected to pass in 2025, would regulate stablecoin issuers and link reserves ... More directly to short-term U.S. Treasuries. With the GENIUS Act expected this August, U.S. dollar stablecoin issuers will be required to hold reserves—including Treasuries—positioning them as major institutional buyers. That demand could surpass the $784 billion currently held by China, reshaping how the U.S. finances its debt. This isn't just regulatory housekeeping—it's strategic fiscal architecture. 'The ultimate design and adoption of stablecoins will drive the magnitude of impact they have on U.S. Treasury demand,' the TBAC wrote in its meeting minutes. By designating T-bills with maturities under 93 days as eligible reserves, the proposed rules would position stablecoin issuers as key players at the front end of the curve. The GENIUS Act goes further, allowing those Treasuries to be used as repo collateral—making them even more attractive as backing for stablecoins. Japan and China—the top two foreign holders of U.S. Treasuries—currently hold $1.13 trillion and $784 billion, respectively. Combined, that's still less than the projected $2 trillion market cap of stablecoins by 2028. If that projection holds, U.S. dollar stablecoins could soon rival or surpass traditional sovereign creditors. This isn't just crypto—it's a structural shift in how America funds itself, trading geopolitical reliance for market-based infrastructure powered by code and regulation. Stablecoin issuers are already acting like institutional buyers of U.S. Treasuries. Over $120 billion in short-term Treasuries back stablecoins today, with another $90 billion in money market funds. Unlike banks, which operate on fractional reserves, stablecoin issuers—under proposed U.S. rules—would hold full reserves, making them a steady, transparent source of Treasury demand. This shift has high-level backing. Treasury Secretary Scott Bessent has called stablecoins 'a new channel of strategic demand,' saying they not only expand access to the dollar but also 'support sustained demand for U.S. Treasury bills.' Federal Reserve Governor Christopher Waller has backed the role of stablecoins in extending U.S. dollar access globally—especially in high-inflation countries and regions with limited banking. 'U.S. dollar stablecoins could be particularly appealing to those in high-inflation countries or to those without easy or affordable access to dollar cash or banking services,' Waller said. 'I believe that stablecoins have the potential to maintain and extend the role of the dollar internationally.' According to venture firm a16z, stablecoins are crypto's first 'killer app.' In 2024, they facilitated $15.6 trillion in transfers—roughly equivalent to Visa's annual volume. In March alone, stablecoin transactions hit a record $1.82 trillion. While much of this is financial flows rather than retail payments, it highlights their rapid adoption in global finance. As trade tensions and tariff wars strain U.S.–China ties, Washington looks to stablecoins to reduce ... More its reliance on foreign creditors. As China steadily pulls back—its U.S. Treasury holdings dropping from $1.32 trillion in 2013 to $784 billion—Washington faces a question: who fills the gap? The TBAC suggests stablecoins might. With legislation expected by August, the U.S. could soon have a framework that turns stablecoins from crypto fringe into fiscal foundation. McKinsey estimates global bank deposits at $117 trillion; if less than 8% of this flows into dollar-backed stablecoins, it would exceed all foreign holdings of U.S. Treasuries. If current projections hold and regulation advances, the next major buyer of U.S. Treasuries may not be China or any foreign government—but a global network of dollar-backed stablecoins.
