BIS research linked stablecoin reserve flows to short-term U.S. Treasury markets, estimating that a $3.5 billion stablecoin inflow over five days can move three-month Treasury bill yields by about four basis points within 10 days. According to NS3.AI, CryptoSlate market data on June 26 showed Tether at about $186.08 billion in market capitalization and USDC near $73.68 billion. The BIS also cited tokenized deposits and central bank reserves as an official alternative settlement model.