Scott Bessent: Stablecoins Could Generate $2 Trillion in U.S. Treasury Demand

Speaking about the potential macroeconomic effects, Bessent noted that if the U.S. fully embraces stablecoins, it could significantly increase global demand for U.S. dollars and Treasuries, reinforcing the dollar’s status as the world’s reserve currency.

“If we really went big into stablecoins in this country, it could have a huge effect on the strength of the dollar,” Bessent said. “People might have to hold dollars to match against stablecoins or even just to buy Treasuries.”

He added that while the Biden administration’s early approach to crypto regulation pushed many digital asset firms offshore, the current Trump-aligned administration has made digital assets a clear priority, aiming to regulate rather than eradicate the industry.

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According to Bessent, applying high U.S. regulatory and anti-money laundering (AML) standards to stablecoins could open the door to an estimated $2 trillion in short-term demand for U.S. Treasury securities—a massive leap from today’s estimated $300 billion in demand tied to existing stablecoins.

The forecast underscores the growing consensus that properly regulated stablecoins could be a strategic financial instrument—not only for innovation but also for supporting fiscal sustainability and global dollar dominance in an increasingly fragmented monetary landscape.

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