Finance Minister Scott Bessent predicts that dollar-backed stablecoins will reach 2 trillion dollars.

Finance Minister Scott Bessent stated that the stablecoin market tied to the dollar could explode to as much as 2 trillion USD in the coming years. He emphasized that the American government is pushing for regulations to strengthen the dollar’s position as a reserve currency, requiring stablecoins to be backed 1:1 by high-quality assets such as government bonds.

The new stablecoin bill is under consideration by the Senate and is likely to be passed next week, receiving support from President Donald Trump and many lobbying groups. Retailers also support the bill, hoping to provide an alternative to Visa and Mastercard. However, banks are divided on the impact of stablecoins on the traditional banking system.