Money-market mutual funds absorbed approximately 85% of the U.S. government’s more than $550 billion increase in net Treasury-bill supply during July and August, according to remarks delivered Sept. 22 by Deputy Treasury Secretary Francis Brooke. Stablecoin providers hold nearly $200 billion in Treasury bills and other close-to-maturity securities, but that figure measures an outstanding stock rather than purchases during the summer issuance wave. The categories can overlap because stablecoin reserves may be invested through government money-market funds and repurchase agreements. The Federal Reserve purchased more than $300 billion of bills in 2026 through reserve-management operations and agency-securities reinvestment, while foreign residents increased bill holdings by $38.8 billion in July after three monthly declines. Treasury said stablecoin providers could expand their Treasury holdings as rules implementing the GENIUS Act are finalized, but the latest issuance surge was most clearly absorbed by traditional money funds.