Bessent said that stablecoin issuers, particularly those backed by US Treasuries, could evolve into notable buyers of government securities He believes that the implementation of the GENIUS Act is a win-win-win situation for everyone involved, including stablecoin users, stablecoin issuers, and the US Treasury Department In June, Bessent conservatively estimated that the stablecoin demand for Treasuries could reach $2 trillion US Treasury Secretary Scott Bessent has pointed out the rising influence of the stablecoin industry in addressing the country’s escalating government debt, as reported by Financial Times . He highlighted how stablecoin issuers, particularly those backed by US Treasuries, could evolve into notable buyers of government securities, providing a new funding channel for debt financing. Bessent has also been in talks with major stablecoin companies like Tether and Circle regarding their holdings of government debt. The newly passed GENIUS Act mandates that US dollar-pegged stablecoins be fully backed by secure assets such as short-term Treasury bills. The goal is to provide both regulatory clarity for the stablecoin industry and a new… The post US Treasury Secretary Makes Stunning Admission on Stablecoins and National Debt appeared first on Coin Edition .
