Stablecoins are seen as strengthening the dominance of the US dollar, says the Treasury Secretary
AI Summary
According to PANews, US Treasury Secretary Bessent stated on platform X that cryptocurrencies do not pose a threat to the US dollar. In fact, stablecoins may strengthen the dollar's dominant position. Digital assets are considered one of the most significant phenomena in the world today, and the United States aims to become a hub for innovation in the digital asset space. The GENIUS Act is seen as a step closer to achieving this goal.
Bessent had previously emphasized that recent reports predict that the stablecoin market could reach $3.7 trillion over the next decade. With the passage of the GENIUS Act, the outlook for the stablecoin market looks even brighter. The stablecoin ecosystem is expected to drive demand from the private sector for US Treasury bonds, which are the foundation of stablecoins. This new demand could potentially lower government borrowing costs, help manage the national debt, and attract millions of new users worldwide to the dollar-pegged digital asset economy.
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