The post Bessent Predicts USD Stablecoin Market to Exceed $2 Trillion appeared on BitcoinEthereumNews.com.

Treasury Secretary Scott Bessent believes the US dollar-backed stablecoin market could exceed $2 trillion by 2028. However, his wager is contingent on lawmakers passing strong regulatory frameworks. His remarks come amid growing stablecoin adoption in the US, with institutional players looking to enter the market. Stablecoins Are Key to Preserving US Dollar Dominance, Scott Bessent Says During a Wednesday Senate hearing, Bessent emphasized the potential for stablecoins to bolster global dollar adoption and maintain US financial leadership. “Stablecoin legislation backed by US treasuries will create a market that will expand US dollar usage via these stablecoins all round the world… I think that $2 trillion is a very reasonable number and I can see it greatly exceeding that,” Bessent stated. His remarks came as the US Senate voted to advance the bipartisan GENIUS Act, a long-awaited bill that would establish guardrails for stablecoin issuers. The legislation mandates that US dollars or similar liquid assets fully back all stablecoins. It also requires annual audits for issuers with over $50 billion in market capitalization. Further, the GENIUS Act includes provisions to regulate foreign-issued stablecoins operating within US markets. The GENIUS Act, which passed a cloture vote, is viewed as a crucial step in legitimizing stablecoins as a core component of the modern financial system. President Donald Trump expressed support for the legislation and reportedly wants it signed into law before Congress adjourns for the summer. “In the history of the US dollar as a reserve currency, there have been numerous passages along the way where many people assumed that the US dollar would lose reserve currency status and there’s always been a new mechanism that has cemented that,” Bessent noted. This echoes the Trump administration’s determination to bolster the dollar’s status with USD-backed stablecoins. 💸💸Stablecoins To $2 trillion! Treasury Secretary Scott Bessent…

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Filed under: News - @ June 12, 2025 6:27 am