PANews June 21 news, U.S. Treasury Secretary Bessent stated on the X platform that cryptocurrencies do not pose a threat to the U.S. dollar. In fact, stablecoins can reinforce the dollar's hegemonic status. Digital assets are one of the most important phenomena in today's world, and the U.S. is committed to becoming a hub for digital asset innovation, with the GENIUS Act bringing us one step closer to this goal.
Bessent previously pointed out that a recent report predicts that the stablecoin market could reach $3.7 trillion in the next decade. With the passage of the GENIUS Act, the prospects for the stablecoin market will be even brighter. The stablecoin ecosystem will drive private sector demand for U.S. Treasuries, which underpin stablecoins. This new demand is expected to lower government borrowing costs, help control national debt, and potentially attract millions of new users globally to the dollar-based digital asset economy.