Stablecoin Bill to Fortify Dollar Dominance, Treasury Chief Says

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Treasury Secretary Scott Bessent framed the GENIUS Act as critical to maintaining dollar supremacy during Senate testimony Wednesday, predicting dollar-backed stablecoins could form a $2 trillion+ market by 2028.

“This legislation creates a 21st century mechanism to cement dollar reserve status,” Bessent stated, recalling historical challenges to US currency primacy.

The comments came as the Senate advanced the bill requiring 1:1 asset backing and annual audits for large issuers.

Bessent emphasized how regulated stablecoins could expand dollar usage globally, with the Trump administration targeting pre-August passage to strengthen America’s financial leadership position.