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Stablecoins on the Way to $2 Trillion? U.S. Treasury Suggests Explosive Growth

U.S. Treasury Secretary Scott Bessent informed lawmakers that dollar-pegged stablecoins could grow to over $2 trillion in the coming years. He spoke at a Senate hearing this week as Congress moved forward to establish new rules on how these tokens should be backed. According to Bloomberg, Bessent mentioned that a leading industry group expects the market value of stablecoins to exceed $2 trillion, considering this outlook "very reasonable." This would mean backing up to $2 trillion in tokens with U.S. Treasury securities. Analysts at Citigroup believe that issuers could buy an additional $1 trillion in securities by 2030.

Lawmakers voted to advance a key amendment to the GENIUS Act, which would require stablecoin issuers to maintain reserves in top-tier assets. The amendment was passed yesterday, paving the way for a final vote, likely early next week. Supporters argue that the change will boost confidence by ensuring that each dollar-pegged token has real backing.

Currently, the total market for stablecoins is around $255 billion, with dollar-pegged coins representing approximately $233 billion of that total, accounting for 90% of the market. The nine leading dollar-pegged coins include USDT, USDC, USDe, DAI, USD1, FDUSD, PYUSD, TUSD, and USDD, which account for almost all stablecoin activity.