Bessent is optimistic about the stablecoin market capitalization reaching $2 trillion.

Stablecoin Market Cap Could Reach $2 Trillion? Bessent: It Might Exceed This Figure

At the June Senate Appropriations Committee hearing, U.S. Treasury Secretary Scott Bessent expressed strong confidence in the future of dollar-pegged stablecoins. He stated that with advances in regulatory frameworks and the increasingly clear dominance of the dollar in global finance, the market cap of stablecoins could reach $2 trillion, or possibly even higher, in the coming years.

Bessent pointed out that if stablecoins are backed by U.S. Treasury bonds or short-term treasury bills, it would create a new type of dollar market. This would not only bestow trust in digital assets but also broaden the scope of the dollar's use in global payments and settlements.

Can Stablecoins Become a New Tool for Dollar Internationalization?

As a former hedge fund manager and foreign exchange expert, Bessent remains cautiously optimistic about the resilience of the dollar's global status. He stated, "Although the dollar's position has historically been questioned, it has always returned stronger." In his view, stablecoins represent an evolution of the dollar that can empower its globalization.

He mentioned that if the current Congress bill under discussion passes, it will mandate stablecoins to be backed by high-quality assets such as treasury bonds. This combination of "strong regulation + strong assets" might lead global users to trust dollar stablecoins more, thus propelling them as a new choice for cross-border payments, value storage, and settlement.

Wall Street Forecast: Stablecoins May Purchase Over $1 Trillion in U.S. Bonds

Bessent's prediction is not an isolated one. Earlier this year, Citigroup analysts released a report estimating that by 2030, the stablecoin market could absorb over $1 trillion in U.S. Treasury bonds. This move would provide additional liquidity to the U.S. Treasury bond market and could become an indirect support for U.S. finances.

Dollar-pegged stablecoins (such as USDC, USDT) have rapidly developed in recent years, becoming one of the least volatile and most liquid tools in the digital asset market. Bessent stated that if the U.S. can craft a clear and enforceable stablecoin bill, America's position in the global digital currency competition will be more secure.

Policy Tightens on Stablecoin Legislation: Congress Reviews Key Bill

Currently, the U.S. Congress is accelerating the review of dedicated legislation on stablecoins. Key components include: stablecoins must be 100% backed by treasury bills, cash, or other asset reserves; issuing entities must undergo regulation; and a coordinated mechanism with the existing banking regulatory framework must be established.

Bessent emphasized that this legislation will not only curtail the risks of "unanchored issuance" but also provide institutional support for a digital dollar ecosystem. He particularly noted, "Once this bill is passed, it will establish a global trust standard for stablecoins, creating long-term value for the U.S. financial system."

Stablecoins Could Become "Dollar 2.0"

Reports from the hearing indicate that the U.S. Treasury is eyeing stablecoins as part of a strategy for financial sovereignty. Bessent is confident that in the future, global funds will flow seamlessly between dollar-anchored digital assets and traditional fiat currency, ushering the dollar's dominance into a "new digital phase."

If stablecoins' market cap truly reaches $2 trillion mid-term or higher, it would mean their position in global asset allocation will be comparable to sovereign bonds, inevitably injecting new energy into the dollar's international monetary supremacy.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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