Stablecoin demand for Treasury bills. Issuers are now among the largest bill buyers; crypto inflows lower short-term yields and crypto outflows do the reverse.
What to watch: Stablecoin supply; issuer T-bill holdings. It arrives weekly, and the effect typically lasts months.
It sits in tier 3 — Flows and mechanics: Moves prices without changing anything fundamental, on horizons from hours to weeks. Who is forced to buy or sell, and when. Ignore this tier and market moves will regularly look inexplicable.
Its neighbourhood
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Also in Liquidity and market plumbing
- Financial conditions
- Bank reserves and the Fed balance sheet
- Reverse repo facility (RRP)
- Treasury General Account (TGA)
- Repo and money-market rates
- Money market fund assets
- Money supply (M2)
- Global central bank liquidity
- Emergency lending facilities and discount window
- Treasury market liquidity and basis trades
- Treasury buyback programme
- Municipal bond market and tax exemption