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Speaking at a Senate Appropriations Committee hearing on Wednesday, Bessent endorsed estimates tied to the GENIUS Act — a proposed bill aimed at regulating and expanding the U.S. stablecoin ecosystem. The committee had cited projections suggesting the bill could help grow the stablecoin market to $2 trillion by the end of 2028.
“I believe that stablecoin legislation backed by U.S. treasuries or T-bills will create a market that will expand U.S. dollar usage via these stablecoins all around the world,” Bessent stated. “I think that $2 trillion is a very reasonable number, and I could see it greatly exceeding that.”
He positioned stablecoins as a strategic financial tool to reinforce the global reach of the U.S. dollar, echoing previous historical pivots that helped preserve the dollar’s reserve currency status.
“In the history of the U.S. dollar as a reserve currency, there have been numerous passages where many believed the dollar would lose its status — but each time, a new mechanism emerged that cemented its dominance,” Bessent said.
The Treasury Secretary emphasized the Trump administration’s commitment to supporting U.S.-backed stablecoins as a modern mechanism for safeguarding and extending the dollar’s global relevance. With rising international demand for digital representations of fiat currencies, Bessent argued that properly regulated stablecoins could serve as the next evolutionary step in the dollar’s legacy.
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