US Treasury Deputy Secretary says will continue to expand and enhance the buyback programme; may see stablecoins grow demand for US Treasuries

Banks tell us that Treasuries are attractive assets for their liquidity, their returns – including when purchased on asset swap – and their benefits in asset liability management. Another segment of the market where investor demand has grown significantly is the Treasury bill market. The Federal Reserve has also been a significant buyer of Treasury bills recently. The Treasury has been working on upgrading the system we use to auction Treasury securities. Today I am pleased to announce that we plan to transition to the new auction system in the coming months.