The stablecoin market is expected to reach $2 trillion and strengthen the dollar's position in the global financial system.
According to Bloomberg, U.S. Treasury Secretary Scott Bessent stated at a Senate Appropriations Subcommittee hearing that the stablecoin market pegged to the dollar is expected to reach $2 trillion or even higher, reinforcing the dollar's position in the global financial system. Bessent emphasized that this administration is committed to maintaining and strengthening the dollar's status as the reserve currency, and legislation pushed by Congress will require dollar stablecoins to be backed by highly liquid assets such as U.S. Treasury securities. Even though Citigroup analysts predict that by 2030, the increase in stablecoins' holdings of U.S. Treasuries could exceed $1 trillion, Bessent believes that $2 trillion is a reasonable estimate, and the actual scale could far exceed this figure.