U.S. Treasury Secretary: "Stablecoins Pegged to the Dollar Will Further Strengthen Dollar Status… Market Cap Expected to Reach $2 Trillion"
Suehyeon Lee
Summary
- The U.S. Treasury Secretary stated that dollar-pegged stablecoins could strengthen the status of the dollar.
- He emphasized that the stablecoin regulation bill under discussion in Congress requires backing by high-quality assets such as Treasury bills.
- The Secretary projected that the market capitalization of stablecoins could reach $2 trillion within a few years.
Scott Bessent, United States Secretary of the Treasury, stated that dollar-pegged stablecoins could further strengthen the standing of the dollar.
According to Bloomberg on the 12th (local time), Secretary Bessent emphasized at a Senate Appropriations Subcommittee hearing, "The U.S. government is dedicated to maintaining and even enhancing the dollar's status as the world's key currency," adding, "The stablecoin regulation bill currently being discussed in Congress requires that stablecoins be backed by high-quality assets, such as Treasury bills."
He also predicted that the market capitalization of stablecoins could reach $2 trillion (about ₩2,741 trillion) within the next few years.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
