"The administration is committed to maintaining and strengthening the dollar’s reserve currency status," Bessent emphasized. He noted that Congress is currently considering legislation that would require stablecoins to be backed by high-quality assets, primarily US Treasuries and government bonds.
"Stablecoin legislation backed by US Treasuries will establish a market that broadens the use of the dollar worldwide through these digital assets. I believe a $2 trillion market cap is a very reasonable figure," Bessent stated.
Parallel forecasts from Citigroup suggest that by 2030, the dollar-pegged digital asset sector could channel over $1 trillion into US Treasury purchases, providing further support for American debt markets.
The remarks come as the US Senate recently approved the "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS Act) on June 11, 2025, paving the way for a robust regulatory framework to anchor stablecoin growth and ensure dollar-backed credibility.