“Stablecoins could soon become some of the largest purchasers of U.S. Treasuries,” Bessent explained, pointing to the widespread use of dollar-backed stablecoins in countries like Nigeria. There, citizens leverage digital dollars without needing physical access to U.S. cash, highlighting the transformative power of crypto in expanding the dollar’s reach beyond traditional banking infrastructure.

Bessent, however, voiced strong criticism of the Biden administration’s current approach to digital assets, calling it overly restrictive and out of step with the needs of a rapidly changing financial landscape. He emphasized that digital assets represent one of the most significant developments in today’s economy, yet national governments have been slow to respond or adapt to this innovation.

“This administration is committed to making the United States a center for digital asset innovation, and the passage of the GENIUS Act brings us closer to that goal,” Bessent stated, signaling support for new legislation aimed at providing regulatory clarity and fostering Web3 growth.

The Treasury Secretary previously projected that the market capitalization of U.S. dollar-pegged stablecoins could reach $2 trillion or even higher in the coming years, underscoring the strategic importance of stablecoins for both U.S. financial stability and global influence.