Scott Bessent "Stablecoins Can Grow to a $3.7 Trillion Market Within 5 Years"

YM Lee

Summary

U.S. Treasury Secretary Scott Bessent projected that the stablecoin market will grow to $3.7 trillion by the late 2020s.
He highlighted that the passage of the GENIUS Act is likely to realize this growth scenario.
He noted that a thriving stablecoin ecosystem could increase demand for U.S. Treasury Bonds, helping to reduce government borrowing costs and the national debt.

Scott Bessent, the U.S. Secretary of the Treasury, projected that the stablecoin market will grow at a tremendous rate.

On the 18th (local time), Secretary Scott Bessent emphasized via his X (formerly Twitter), "According to recent reports, stablecoins are expected to grow into a $3.7 trillion market by the late 2020s. The passage of the GENIUS Act will make this scenario even more realistic."

He added, "A vibrant stablecoin ecosystem will also drive increased demand for U.S. Treasury Bonds that back stablecoins. This could help lower government borrowing costs and reduce the national debt."

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