Global debt reached a record $365 trillion, increasing by $10 trillion in just six months according to the Institute of International Finance's latest Global Debt Monitor. Emerging market debt climbed $6.5 trillion to $110 trillion, with China leading the expansion. Stablecoin issuers have become significant buyers of short-term US Treasuries, accumulating holdings faster than Japan since 2023 as foreign investor participation declines. The San Francisco Fed projects stablecoin demand for short-term Treasuries will nearly double to approximately $400 billion by 2030, offsetting a drop in foreign ownership from over 50% in the late 2000s to about 30% in early 2026.