Scott Bessent Predicts USD Stablecoin Market Could Surpass $2 Trillion by 2028

Ah, the illustrious Treasury Secretary Scott Bessent, a man with a vision! He boldly proclaims that the US dollar-backed stablecoin market could soar past $2 trillion by 2028. But, of course, this grand prediction hinges on the benevolence of lawmakers to craft robust regulatory frameworks. Because who doesn’t love a good bureaucratic hurdle? 🤷‍♂️

His prophetic words emerge amidst a burgeoning adoption of stablecoins in the US, as institutional players, those titans of finance, eagerly eye the market like hawks circling their prey. 🦅

Stablecoins: The Unsung Heroes of US Dollar Dominance, According to Our Visionary

During a riveting Senate hearing on Wednesday, Bessent waxed lyrical about the potential of stablecoins to not just bolster, but to catapult global dollar adoption, ensuring that the US remains the financial overlord of the universe. 🌍

“Stablecoin legislation backed by US treasuries will create a market that will expand US dollar usage via these stablecoins all round the world… I think that $2 trillion is a very reasonable number and I can see it greatly exceeding that,” Bessent declared, as if he were a modern-day oracle. 🔮

His remarks coincided with the Senate’s momentous vote to advance the bipartisan GENIUS Act, a bill that has been awaited with bated breath, promising to establish guardrails for stablecoin issuers. Because, you know, we wouldn’t want them running wild like children in a candy store! 🍬

This legislation mandates that all stablecoins be fully backed by US dollars or similar liquid assets. It also requires annual audits for issuers with over $50 billion in market capitalization. Because who doesn’t love a good audit? 📊

Moreover, the GENIUS Act includes provisions to regulate foreign-issued stablecoins operating within US markets. Just in case they thought they could sneak in uninvited! 🚪

With the GENIUS Act passing a cloture vote, it is hailed as a pivotal step in legitimizing stablecoins as a cornerstone of the modern financial system. A veritable cornerstone, indeed! 🏛️

President Donald Trump, in a rare moment of agreement with the legislative process, has expressed support for the bill and is reportedly eager to see it signed into law before Congress takes its summer vacation. Because nothing says “I care” like a summer deadline! ☀️

“In the history of the US dollar as a reserve currency, there have been numerous passages along the way where many people assumed that the US dollar would lose reserve currency status and there’s always been a new mechanism that has cemented that,” Bessent noted, channeling the spirit of financial resilience. 💪

This sentiment echoes the Trump administration’s fervent desire to fortify the dollar’s status with USD-backed stablecoins. Because who doesn’t want to be the king of the financial jungle? 🦁

Stablecoins To $2 trillion!

Treasury Secretary Scott Bessent said that dollar linked stablecoins could hit $2trn and could help cement dollar dominance.

— Coin Bureau (@coinbureau) June 12, 2025

Wall Street and Washington: A Match Made in Financial Heaven

Meanwhile, stablecoins have emerged as the digital financial rails of our time, particularly in cross-border trade and decentralized finance (DeFi). Because who needs traditional banking when you have the magic of stablecoins? ✨

The total market capitalization of dollar-linked stablecoins hovers around $247 billion, representing over 96% of the global stablecoin market. Talk about a monopoly! 🏦

The Senate’s progress on regulation comes amid a flurry of developments in the sector. US-based fintech firm Circle, the issuer of USDC, recently went public, with its stock price skyrocketing 235% on its debut trading day. Because why not? 🚀

Meanwhile, traditional financial institutions are diving headfirst into the fray. BeInCrypto reported that the Bank of America has reportedly begun developing its USD-backed stablecoin. A significant leap for legacy banks into the blockchain abyss! 🌊

The general perception is that formal regulation could unleash a new wave of institutional involvement. Such an outcome, they say, would transform stablecoins from crypto-native tools into mainstream financial instruments. Because who doesn’t want to see a crypto revolution? 🔥

“Stablecoin summer! We expect to see multiple large financial institutions— banks, fintechs and payment platforms-rapidly launch and support stablecoins,” wrote SMQKE, a tech shift researcher, with all the enthusiasm of a kid in a candy store. 🍭

If passed, the GENIUS Act could help enshrine US dollar dominance in the digital economy. Bessent’s bullish forecast reflects a broader consensus within the Treasury that stablecoins, when properly regulated, represent a powerful tool to extend American monetary influence. Because who doesn’t want to be the puppet master of the financial world? 🎭

“Stablecoins, backed by US treasuries, will serve as the next pillar of dollar strength. We must lead, not follow, in shaping this market,” Bessent proclaimed, as if he were rallying the troops for a grand financial crusade. ⚔️

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2025-06-12 09:29