Finance Minister Expects Digital Token Market to Grow 20 Times as Washington Faces Borrowing Challenges

According to a report by the Financial Times on Wednesday, U.S. Treasury Secretary Scott Bessent has positioned the stablecoin industry as a potential solution to the country's growing debt financing needs, and he anticipates that digital currency issuers may become major buyers of government securities.

The Treasury Secretary has been in discussions with major stablecoin companies, including Tether and Circle, regarding their holdings of U.S. Treasury bonds, believing that this sector is a source of increasing demand for short-term government bonds. These conversations have influenced the Treasury's strategy to focus on issuing short-term bonds rather than long-term bonds.

Stablecoins maintain their peg to the dollar by holding safe asset reserves such as U.S. Treasury bonds, representing a market valued at $250 billion, which Bessent expects to expand to $2 trillion. Under Trump's fiscal policies, the U.S. is facing record levels of debt and an accelerating deficit, and this growth could provide meaningful support for government borrowing.

This approach has received regulatory backing through the Stablecoin Act (GENIUS Act) introduced in July this year, which stipulates that stablecoins must be backed by ultra-liquid assets, including U.S. Treasury bonds. This has established a direct link between the expanding digital currency market and the demand for government debt.

According to the Financial Times, JPMorgan's global rates strategist Jay Barry stated that the Treasury views stablecoins as a "real source of new demand," which justifies the department's focus on short-term debt issuance.

Bessent's strategy represents the latest effort to integrate cryptocurrency into the core financial infrastructure of the U.S. while addressing real financing challenges. As digital currencies become more prevalent, stablecoin issuers are becoming significant players in the U.S. Treasury market, with companies like Tether already holding billions of dollars in government bonds.

The U.S. Treasury has acknowledged that it is monitoring the development of stablecoins under the new regulatory framework and noted the potential for "increased demand for short-term Treasury bonds."

This initiative comes as Bessent has enhanced the Treasury's market engagement and is more frequently updating financial institutions on the state of the debt market and financing issues.

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