US Treasury Secretary Scott Bessent predicts the US dollar-backed stablecoin market will reach $2 trillion in the next three years. This estimate comes from a Senate Appropriations Committee remark, which suggests the GENIUS Act could expand the USD stablecoin market to this size by 2028.
Bessent believes that US treasury-backed stablecoins will create a global market for dollar usage through these coins. He also thinks $2 trillion is a reasonable number and sees it potentially exceeding that amount.
Earlier, the Senate voted to move forward with the landmark stablecoin bill, which would require stablecoins to be backed by US dollars or liquid assets. The GENIUS Act mandates annual audits for large issuers and includes foreign issuance language.
The market capitalization of US dollar-linked stablecoins is currently $246.9 billion, accounting for over 96% of the entire stablecoin market.
Major developments in the US stablecoin space include major banks like Bank of America preparing to launch their own stablecoins, and Circle’s USDC issuer seeing its stock surge 235% on its first day of trading.
Source: https://www.theblock.co/post/357872/us-stablecoin-market-could-exceed-2-trillion-projection-by-end-of-2028-thinks-treasury-secretary-bessent