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I imagine a small number of retail investors overseas, esp. in Emerging Markets, may be able get their hands on UST's and may be happy to do so even with these low UST rates as their home currency may be in much worse shape than USD. A few extreme inflation examples are below.
Venezuela: 1575%
Sudan: 366%
N. Korea: 66%
Zimbabwe: 54%
Argentina: 52%
Source: https://images.blockdata.tech/blog-posts/post-images/619d021...

Historically, those that could't get a hold of UST's - majority of ordinary people overseas don't trade UST's :) - would simply buy USD's. I suppose this is quite a bit off topic so I'll end it there.
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