US Treasury Secretary: The stablecoin market is expected to reach $2 trillion and consolidate the position of the US dollar in the global financial system

On June 12th, 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 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. The legislation promoted by the Congress will require the US dollar stable currency to reserve high liquidity assets such as US treasury bond bonds. Even though 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 that number.