US Treasury Secretary Scott says $2 trillion is a reasonable size for the US dollar stablecoin market

According to Bloomberg, US Treasury Secretary Scott Bessent stated during a hearing of the Senate Appropriations Subcommittee that the stablecoin market pegged to the US dollar is expected to reach $2 trillion or even higher, and is expected to consolidate the US dollar's position in the global financial system. Bessant stressed that the current government is committed to maintaining and strengthening the status of the US dollar as a reserve currency, and mentioned that the legislation promoted by Congress will require the US dollar stable currency to reserve high liquidity assets such as US treasury bond bonds. Although Citigroup analysts predict that the increase in stablecoin holdings in US Treasury bonds may exceed $1 trillion by 2030, Bessent believes that $2 trillion is a reasonable estimate and the actual scale may far exceed this figure. He also stated that stablecoin legislation supported by US Treasury bonds will create new markets and expand the global use of the US dollar, while the Senate is pushing for the GENIUS Act to comprehensively regulate stablecoins for payments.