Stablecoin issuers now hold $165 billion in US Treasury bills, 2.5% of the $6.1 trillion T-bill market. That puts them ahead of China, Norway, and Switzerland as T-bill holders, ranking behind only Japan among foreign holders. Venture funding in crypto looks dead. The balance sheet of the internet says otherwise.
Hyperliquid, a four-year-old exchange, has a native token HYPE worth $59 billion and is generating $1.67 million per day in trading fees as of June 2026, annualizing to $610 million in real revenue. Tokenized real-world assets, gold, oil, equities trading 24/7 on-chain, grew from $2.1 billion to $26.9 billion in total value locked over 30 months. These are not speculative metrics. They are auditable on-chain numbers.
The data in the original piece comes entirely from Allium, a Theory portfolio company that reached 150-plus enterprise customers and 10x revenue growth since its Series A, now announcing a Series B. Read the full post for the chart on T-bill holders ranked by size: the visual alone reframes where stablecoins sit inside the actual US debt market, not inside crypto.
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