In March 2025, the Financial Times called U.S. Treasuries “no longer a guaranteed safe haven.”

That’s not ZeroHedge.

That’s not Twitter.

That’s the mouthpiece of Davos saying those IOUs aren’t sacred anymore.

It was the first time in the post-Bretton Woods era anyone in polite society dared say it out loud.

And the market listened.

Foreign official buyers are ghosting auctions.

China’s selling.

Japan’s hedging.

The Gulf is diversifying.

But, as they say: one man’s trash is another man’s treasure.

While central banks are stepping out, a new class of buyer is stepping in. In 2023, private foreign investors surpassed official institutions as the largest overseas holders of US debt for the first time.

Who are these buyers? What do they want? And how does one capitalize on this shift?

All great questions.

Before we go there, though, a little context. Because this shift has happened before.

Meet the Fuggers

Back in the 1500s, the courtier class ran the money game.

Coins had crowns. Credit wore robes. If you wanted to raise an army or sail to the New World, you asked the Church or your well-fed cousin in burgundy.

Then along came a guy named Jakob Fugger.

No title. No throne. Just a balance sheet.

He bankrolled emperors, bought elections, and locked down Europe’s copper and silver.

At one point, the guy’s family controlled 2% of European GDP—basically a medieval BlackRock (with better hats).

He didn’t serve the court. He rented it.

And suddenly, the rules of finance changed: it wasn’t about who you bowed to. It was about who you owed.

By the 1600s, Amsterdam had a stock exchange. By the 1700s, London was auctioning sovereign bonds like fresh fish at a dock.

The Merchants had taken over.

Meaning? Debt was no longer primarily held for politics. It was held for liquidity, yield, and utility.

But history loops. The court adapted, absorbing the merchant class. And now we’re here.

Back in a Fugger Moment

Today’s courtier class isn’t wearing robes. It’s wearing suits at the Fed, the ECB, and foreign central banks.

From the 1990s through the 2010s, foreign official institutions (mostly central banks) were the dominant buyers of US Treasuries.

In 2013, foreign central banks held over $5.6 TRILLION, accounting for the majority of foreign-owned US debt.

Similar to the Pre-Fugger era, when finance served diplomacy…

Central banks bought Treasuries not for yield—but to support trade deals, currency pegs, and statecraft.

But now? Once again, that worm is turning.

Foreign official holdings have been flat or declining since 2015, while private (merchant) foreign holdings have risen.

These players aren’t buying for diplomacy—they’re buying for yield, liquidity, and composability.

Let’s look at how much is shifting already:

All early signs a Fugger Moment is upon us.

Meet Your New Makers

The new merchant class isn’t a single entity—it’s a swarm of programmable capital.

It includes stablecoin issuers like Tether and Circle, who now hold over $120 billion in Treasuries. (Tether added $30 billion in 2023 alone.)

It includes fintech platforms like Robinhood, Public.com, and Franklin Templeton’s BENJI app, routing tens of billions of retail cash into short-term U.S. debt.

It includes platforms like Ondo, Matrixdock, and Bakt that take boring old U.S. Treasuries—the same bonds the government’s been issuing for decades—and wrap them into digital tokens that live on a blockchain.

Think of it like this: They’re turning Treasuries into programmable Lego blocks for finance.

Instead of buying a bond through a broker and waiting for settlement, now you can hold a token that represents the bond, (may) earn yield, and moves instantly—just like crypto.

These tokens are:

• Backed by real U.S. debt

• Tradable 24/7

• Usable as collateral, savings, or payment rails

This class didn’t even exist five years ago…

And yet they’ve already bought over $200 billion in U.S. debt—moving faster, cheaper, and more freely than any central bank ever could.

And here’s the thing… 

This new class of Fuggers is about to explode in size and influence. Consider the catalysts:

• Trade war pressure on foreign buyers

• Regulatory clarity for stablecoins (GENIUS and STABLE Acts)

• Treasury demand surging above $2T/year

• A global hunt for yield-bearing dollars

Why This Matters

This isn’t just a changing of the guard.

 It’s a change in how demand works.

Courtiers bought Treasuries to play politics.
Merchants buy them to mint yield.

Courtiers held bonds as a favor.
Merchants wrap them in tokens and move billions on Saturdays.

Courtiers were after influence.
Merchants are after efficiency.

What does it mean? How to play it? More tomorrow.