Two recent papers trace the stablecoin transformation from different angles: blockchain data shows stablecoins functioning as tokenized cash, while new causal evidence shows that stablecoin demand shocks are moving Treasury yields, the dollar, and equity markets.

As dollar-backed stablecoins enter mainstream finance, two new publications sound a cautionary note. One shows they can push sovereign debt higher and amplify Triffin-type instability; the other argues they are strategic instruments of dollar hegemony that threaten the monetary sovereignty of weaker states.

Two new papers document a striking development in U.S. debt markets: dollar-backed stablecoin inflows measurably compress short-term Treasury yields, especially during periods of bill scarcity. As the GENIUS Act accelerates mainstream adoption, this novel channel has growing implications for fiscal sustainability and monetary policy transmission.

Household surveys across 17 euro area countries and the United States consistently show that crypto ownership is dominated by investors, with payment use falling below 2% of adults and declining. Yet the reasons differ sharply by geography.