U.S. Treasury Secretary Scott Bessent testified before the Senate Appropriations Committee on June 11, where he addressed the expanding role of stablecoins in U.S. fiscal strategy. Responding to Senator Bill Hagerty (R-TN), who introduced the Genius Act—a bill requiring stablecoins to be backed by cash or short-term U.S. Treasuries—Bessent expressed strong support for the legislation.

Senator Hagerty pointed to a significant potential impact on U.S. debt markets if the Genius Act is enacted. “One investment bank estimates that the Genius Act would expand the stablecoin market from its current value of $240 billion to $2 trillion by the end of 2028, with most of the reserves likely to be held in U.S. treasuries,” the senator detailed, suggesting increased demand for Treasury securities.

Bessent framed the legislation as a key part of the Trump administration’s economic agenda. He emphasized:

I believe that stablecoin legislation backed by U.S. treasuries or T-bills will create a market that will expand U.S. dollar usage via these stablecoins all around the world and I think that $2 trillion is a very reasonable number, and I could see it greatly exceeding that.

He added that the administration’s focus on digital assets reflects its determination to maintain and strengthen U.S. financial leadership.

The Treasury Secretary also explained that throughout history, the dollar’s reserve status has repeatedly been challenged, only to be reaffirmed by new economic mechanisms—of which stablecoins could be the next. “Many people assume that the U.S. dollar would lose reserve currency status, and there’s always been a new mechanism that has cemented that,” he stated, emphasizing:

This administration is committed to keeping the reserve currency status.

Although critics of stablecoins point to risks involving oversight, market stability, and systemic exposure to crypto-related instruments, proponents argue they offer substantial benefits. Supporters claim that using stablecoins backed by U.S. sovereign debt could deepen the Treasury market, broaden global access to dollar liquidity, and reinforce the dollar’s influence in international finance, especially in regions with limited access to traditional banking systems.

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