Macro· ★★★· neutral·

BIS warns non-bank share of advanced-economy government debt rose to 53%

  • —NBFI share of advanced-economy government debt rose from 44% in 2021 to 53% in 2025
  • —Probability of crisis-level stress in the US within three months estimated at 3.8% vs 0.3% at low debt
  • —Government-bond repo balances stand at about $16 trillion, roughly 80% of the repo market
  • —Stablecoin issuers were identified as a new type of NBFI in government bond markets
Why it matters: The growing NBFI and stablecoin-issuer footprint in government debt markets raises the risk of liquidity shocks and volatility that can spill into rates and crypto.
Source: TokenPost
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