According to Bloomberg reports, U.S. Treasury Secretary Scott Bessent indicated that the scale of dollar stablecoins could reach two trillion dollars or even higher, reiterating that these digital assets have the potential to solidify the dollar’s position in the global financial system.
Bessent, who previously specialized in foreign exchange trading in the hedge fund sector, stated on Wednesday that there have been multiple historical periods questioning the dollar’s status; however, these concerns are eventually overturned as new dynamics drive the dollar’s resurgence.
While responding to questions at a Senate Appropriations Subcommittee hearing, Bessent remarked, “This administration is committed to maintaining and strengthening this reserve currency status.” He specifically mentioned legislation being pushed by Congress, which would stipulate that dollar stablecoins must be backed by high-quality assets such as Treasury securities.
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Bessent cited an estimate that the market value of stablecoins could reach two trillion dollars in the coming years. Other forecasts are more conservative; for instance, analysts at Citigroup earlier this year stated that under their base case scenario, stablecoins could purchase over one trillion dollars in U.S. government bonds by 2030.
According to data from DefiLlama, the current market value of stablecoins has reached 251.2 billion dollars, predominantly dominated by dollar stablecoins.
