The U.S. Treasury is expanding long-term bond buybacks from $2 billion to at least $4 billion per operation beginning September 9, 2026, targeting 10- to 30-year securities through November 4 as part of a broader effort to manage long-end yields and shift financing toward shorter maturities. Market attention is increasingly focused on dollar stablecoins as a potential structural buyer of short-term Treasuries, with global stablecoin capitalization around $311 billion and Tether’s USDT and Circle’s USDC together representing more than 80% of that total. Under the GENIUS Act, regulated payment stablecoin issuers must hold at least 1:1 reserves in eligible assets including cash, deposits and U.S. Treasuries; Treasury Secretary Scott Bessent has cited research pointing to as much as $1.2 trillion in issuer Treasury holdings by 2030, while Citi has projected more than $1 trillion in additional purchases if regulation and market growth align. Analysts caution that migration from money market funds could reallocate rather than create net new demand. The CLARITY Act’s procedural path in the Senate remains a key near-term variable for issuance growth, institutional participation and related equities such as Circle, whose shares have surged more than 43% this month.