US Treasury Secretary says legalization of stablecoins will have a positive impact on the dollar

A day earlier, the Senate passed legislation to regulate stablecoins called GENIUS

US Treasury chief: Trump’s support for stablecoins will reinforce dollar dominance

19.06.2025 - 10:50

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3 min

What’s new? US Treasury Secretary Scott Bessent has said that President Donald Trump’s support for cryptocurrencies and stablecoins will reinforce the global dominance of the nation’s currency, “There’s a very good chance crypto is actually one of the things that locks in dollar supremacy.”

Source: X.com

What else is known?

Bessent said in an interview.“Stablecoins could reinforce dollar supremacy because with stablecoins, stablecoins could end up being one of the largest buyers of US Treasurys,”

Bessent’s comments came a day after the Senate passed the GENIUS stablecoin law. The House of Representatives must now decide whether to pass the Senate bill or support its own version called STABLE, which the House Financial Services Committee voted in favor of in April.

Trump, who is eager to push innovative cryptocurrency legislation, has said he would like to sign the stablecoin bill into law by August.

As major companies in the traditional finance sector prepare to enter the stablecoin market, analysts at JPMorgan and Bank of America, as well as Bessent, predict that the stablecoin market will grow to several trillion dollars.

US Senate has passed a bill on stablecoins

GENIUS aims to regulate dollar-pegged payment stablecoins

Specifically, Bessent said last week that the dollar-pegged stablecoin market could exceed $2 trillion over the next three years.

Currently, the total supply of dollar-pegged stablecoins is about $253,4 billion, according to data from aggregator CoinGecko. El Salvador-based Tether is the market leader, with its USDT stablecoin having a capitalization of $155,6 billion. Last month, the company announced the launch of a new stablecoin in the United States.

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Bessent also criticized the hostile to cryptocurrencies policy of previous President Joe Biden’s administration, Crypto “is one of the most important phenomenons in the world and the US just ignored it.”

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