The US debt machine is getting harder to stabilize – So where does Bitcoin fit in?
America’s debt machine is growing so quickly that financial markets are starting to question who will keep buying the trillions of dollars in new Treasury bonds.
US Treasury debt has more than doubled since 2018, topping $30.2 trillion by fiscal year-end 2025.
02
That surge matters because Treasuries set global borrowing costs, and thin demand is keeping mortgage rates and interest expenses elevated.
03
The unresolved question is whether central bank support, leveraged funds, and new buyers can keep absorbing record issuance without a market break.$ETH
The US Treasury market is the foundation of the global financial system. It determines mortgage rates, government borrowing costs, corporate lending, and the price of money across the world. For decades, investors treated it as the safest and most stable market on Earth.
But after years of exploding government debt, repeated liquidity scares, and increasingly aggressive Federal Reserve interventions, Wall Street is starting to confront an uncomfortable possibility: the Treasury market may have become too large, too leveraged, and too systemically important to function without constant support.
Now, with debt issuance accelerating and bond yields elevated, a different fear has taken hold inside financial markets: whether the world's most important market can still absorb America's borrowing needs without something breaking.
Advertise with CryptoSlate
Total marketable Treasury debt has more than doubled since 2018, crossing $30.2 trillion by the end of fiscal year 2025, a year in which the US also ran a $1.8 trillion deficit and, for the first time, paid more than $1 trillion in interest on its publicly held debt, outpacing both defense spending and Medicare in a single budget cycle.
The refinancing calendar adds more pressure: nearly $3 trillion of outstanding debt matured in 2025 alone, all of it requiring fresh buyers, and the pool of buyers that used to handle that load has been steadily thinning.
Foreign central banks have reduced their share of Treasury holdings, and the Federal Reserve, after expanding its balance sheet to $8.5 trillion at the 2022 peak through successive rounds of quantitative easing, has spent the years since trying to shrink it.
That left private markets, including hedge funds, asset managers, individual investors, and increasingly stablecoin issuers, to absorb what sovereign and central bank demand once handled.
The US Treasury market is the foundation of the global financial system. It determines mortgage rates, government borrowing costs, corporate lending, and the price of money across the world. For decades, investors treated it as the safest and most stable market on Earth.
But after years of exploding government debt, repeated liquidity scares, and increasingly aggressive Federal Reserve interventions, Wall Street is starting to confront an uncomfortable possibility: the Treasury market may have become too large, too leveraged, and too systemically important to function without constant support.
Now, with debt issuance accelerating and bond yields elevated, a different fear has taken hold inside financial markets: whether the world's most important market can still absorb America's borrowing needs without something breaking.
#BTC #45NgayTuDoTaiChinh #BNB #CreatorpadVN #ETH $BTC
