U.S. Treasury Secretary: Stablecoin market could hit $3.7T within five years

U.S. Treasury Secretary Scott Bessent said on X that stablecoins could grow into a $3.7 trillion market by 2030. He said this outcome is more likely with the passage of the GENIUS Act, a bill establishing a federal framework for issuing and trading dollar-backed stablecoins. Bessent said a strong stablecoin market would increase private sector demand for U.S. Treasuries, lowering borrowing costs, easing the national debt and bringing millions of new users into the dollar-based digital economy. He called it a win for the private sector, the Treasury and consumers. Earlier, the U.S. Senate gave final approval to the GENIUS Act on June 17.