Mark MossChief Bitcoin Strategist Satsuma | Partner BTCOppFund | ArchLending | BlockwareTeam | 100M+ YouTube

America’s Debt Has Outgrown Its Buyers

9 Sept 2026 · 1 min

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In this segment of his YouTube commentary, Mark Moss outlines how foreign central banks, once the primary steady buyers of U.S. Treasury securities, have dramatically reduced their holdings. He notes that their share of marketable debt fell from about 30% in 2006 to roughly 12% today—the lowest point in a 25‑year series. In 2025, foreign and international investors purchased less than 11% of Treasury coupon auctions, a record low. Moss emphasizes that while foreign investors still hold trillions of dollars in Treasuries, the rapid growth of U.S. debt is outpacing the capacity of these buyers to absorb new issuance, leading to increased market pressure as traditional reliable buyers pull back.

Chapters

Now, for decades, foreign central banks helped fill that role. In 2006, they held roughly 30% of America's marketable debt. But today, that's gone way down. That share is only about 12% today. That's the lowest level in Treasuries' 25-year series. Now, in 2025, foreign and international buyers took less than 11% of Treasuries coupon auctions. That was the lowest year on record. And that doesn't mean nobody wants Treasuries. I'm not saying that. Foreign investors, they still hold trillions of dollars, but the debt is growing so fast that it's growing faster than the buyers are able to absorb it. Now, some of the most dependable official buyers, they're starting to kind of pull back. They're stepping back. And so that's creating real pressure.