Treasury Secretary: Dollar-Linked Stablecoins Could Hit $2 Trillion, Bolstering Global Dollar Power
U.S. Treasury Secretary Scott Bessent says dollar-pegged stablecoins could reach a $2 trillion market cap within a few years—a “very reasonable number” that could even be exceeded. Bessent argues this explosive growth would strengthen the dollar’s position as the world’s reserve currency, as stablecoins backed 1:1 by U.S. Treasury bills and other high-quality assets become more widely used for payments and global transactions. New legislation, supported by Congress and the administration, aims to ensure these stablecoins are fully backed and regulated, boosting both demand for U.S. government debt and the dollar’s reach worldwide.
