The stablecoin market cap jumped from $200 billion to $309 billion between July and November 2025, prompting issuers to purchase $109 billion in US Treasury bills to comply with a federal mandate embedded in the GENIUS Act. This dramatic growth marks a significant shift in how the US government finances its operations. The shift transfers regulatory oversight for stablecoins from the Federal Reserve to the Treasury Department through a new digital dollar policy. Legislative Framework Drives Treasury Demand On July 18, 2025, President Donald Trump signed the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, creating the first federal rules for payment stablecoins
source: https://beincrypto.com/genius-act-stablecoins-treasury-purchases-2025/