Global debt rises to $365 trillion, stablecoins become important buyers of US bonds

According to a report by the International Finance Association on September 23, global debt reached a historic high of $365 trillion, an increase of $10 trillion in six months. Among them, emerging market debt increased by $6.5 trillion to $110 trillion, with China contributing the most. On September 28th, the San Francisco Federal Reserve reported that foreign investors' holdings of US Treasury bonds have decreased from a peak of over 50% in the late 2000s to about 30% in early 2026. Stablecoins issuers are increasing their holdings of short-term US Treasury bonds at a faster rate than Japan from 2023 onwards, and the bank expects demand for stablecoins to be around $400 billion by 2030. (Source: Cryptopolitan)