Stablecoins Seen as Reinforcing U.S. Dollar Dominance, Says Treasury Secretary

According to PANews, U.S. Treasury Secretary Besent stated on the X platform that cryptocurrencies do not pose a threat to the U.S. dollar. In fact, stablecoins could strengthen the dollar's dominant position. Digital assets are considered one of the most significant phenomena in the world today, and the United States is committed to becoming a hub for digital asset innovation. The GENIUS Act is seen as a step closer to achieving this goal. Besent previously highlighted that recent reports predict the stablecoin market could reach $3.7 trillion in the next decade. With the passage of the GENIUS Act, the outlook for the stablecoin market appears even brighter. The stablecoin ecosystem is expected to drive private sector demand for U.S. Treasury bonds, which underpin stablecoins. This new demand could potentially lower government borrowing costs, help manage national debt, and attract millions of new users globally to the dollar-based digital asset economy.