Global debt reached a record $365 trillion, up $10 trillion in six months, according to the Institute of International Finance’s Global Debt Monitor published September 23. Emerging-market borrowing, AI infrastructure investment and military spending drove the increase, with emerging-market debt rising $6.5 trillion to $110 trillion, led by China. Separately, a September 28, 2026, Economic Letter from the Federal Reserve Bank of San Francisco found that stablecoin issuers added approximately $200 billion to U.S. Treasury holdings between 2021 and mid-2026, offsetting more than 40% of China’s decline. Since 2023, issuers have bought more short-term Treasury bills than Japan. The researchers projected that demand could reach roughly $400 billion by the end of 2030 if current growth continues, while stressing that the figure is not a guarantee. Bitwise CIO Matt Hougan separately said the stablecoin market is poised for much stronger growth, and reported greater institutional interest in stablecoins and tokenization than in Bitcoin as a speculative investment.