Global Debt Reaches $365 Trillion, Stablecoins Increase Holdings in U.S. Treasuries

The Global Debt Monitor released by the Institute of International Finance on September 23 shows that global debt has reached $365 trillion, a record high, increasing by $10 trillion in six months, with emerging market debt rising by $6.5 trillion to $110 trillion, with China contributing the most. A report from the San Francisco Federal Reserve on September 28 indicated that the share of U.S. Treasuries held by foreign investors has dropped from a peak of over 50% in the late 2000s to about 30% by early 2026. Since 2023, issuers of stablecoins have been increasing their holdings of short-term U.S. Treasuries at a pace faster than Japan, and it is expected that by 2030, the demand for short-term U.S. Treasuries from stablecoins will nearly double to approximately $400 billion.