U.S. Treasury Secretary Scott Bessent stated that the market for dollar-pegged stablecoins could reach a capitalization of $2 trillion in the coming years. According to him, this will strengthen the position of the U.S. currency in the world. Bessent emphasized that the U.S. administration should support the dollar's reserve status, and stablecoins backed by U.S. Treasury bonds will promote the global use of the dollar. The GENIUS bill being considered by Congress mandates that stablecoins be backed by high-quality assets, which could stimulate market growth.
Currently, the market capitalization of stablecoins is about $250 billion, but analysts, including Standard Chartered, forecast its growth to $2 trillion by 2028, provided there is clear regulation. Citigroup estimates that stablecoins could direct over $1 trillion towards the purchase of U.S. government bonds by 2030. The growing popularity of stablecoins is linked to their role in transactions, DeFi, and international payments. However, the U.S. Treasury warns of the risks of mass sell-offs in the event of the collapse of major stablecoins, such as Tether. $USDC
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