Treasury Secretary Scott Bessent Sees Stablecoin Market Surging Past $2 Trillion As Senate Advances Dollar-Pegged Crypto Bill

Treasury Secretary Scott Bessent said Wednesday that dollar-pegged stablecoins could reach a market capitalization of $2 trillion and beyond as the stablecoin bill advanced in the Senate.

What happened: During a testimony before the Senate Appropriations Committee, Bessent underscored the Trump administration’s goal of preserving the dollar’s status as the world's reserve currency.

"I believe 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," he added. "I think that $2 trillion is a very, very reasonable number, and I could see it greatly exceeding that."

Why It Matters: Bessent's projections aligned with those of multinational bank Standard Chartered, which estimated that the total value of the stablecoin market will increase from the current $254 billion to $2 trillion by the end of 2028.

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Bessent previously predicted that stablecoins could generate $2 trillion in demand for U.S. treasuries and treasury bills in the short term.

Meanwhile, the Senate voted 68–30 to invoke closure on a substitute amendment to the GENIUS stablecoin bill, according to Bloomberg. Senate Majority Leader John Thune (R-S.D.) set a goal of passing the bill within days, expressing hope that the House would promptly send it to President Donald Trump’s desk.

The proposed legislation aims to establish the first U.S. regulatory framework for issuers of stablecoins—digital tokens that are tied to fiat currencies like the dollar. As of this writing, Tether USDT/USD is the largest stablecoin by market capitalization.

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