On June 12, according to Bloomberg, U.S. Treasury Secretary Scott Bessent said at a Senate Appropriations Subcommittee hearing that the U.S. dollar-pegged stablecoin market is expected to reach $2 trillion or more, and cement the U.S. dollar's position in the global financial system. Bessent emphasized the administration's commitment to preserving and strengthening the U.S. dollar's status as a reserve currency, and that legislation advancing by Congress would require U.S. stablecoins to be backed by highly liquid assets such as U.S. Treasuries. Even though Citigroup analysts predict that stablecoins could add more than $1 trillion to U.S. Treasuries by 2030, Bessent believes that $2 trillion is a reasonable estimate and the actual size may be much higher.
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U.S. Treasury Secretary: The stablecoin market is expected to reach $2 trillion and solidify the dollar's position in the global financial system.
On June 12, according to Bloomberg, U.S. Treasury Secretary Scott Bessent said at a Senate Appropriations Subcommittee hearing that the U.S. dollar-pegged stablecoin market is expected to reach $2 trillion or more, and cement the U.S. dollar's position in the global financial system. Bessent emphasized the administration's commitment to preserving and strengthening the U.S. dollar's status as a reserve currency, and that legislation advancing by Congress would require U.S. stablecoins to be backed by highly liquid assets such as U.S. Treasuries. Even though Citigroup analysts predict that stablecoins could add more than $1 trillion to U.S. Treasuries by 2030, Bessent believes that $2 trillion is a reasonable estimate and the actual size may be much higher.