Treasury’s Bessent Predicts U.S. Dollar‑Backed Stablecoins Will Surpass $2 Trillion by 2028

Highlights:

• The Treasury Secretary says stablecoins could grow to $2 trillion in the coming years.
• Senate moves forward with GENIUS Act to regulate dollar-backed stablecoins.
• Trump backs stablecoin rules, aiming to strengthen the U.S. dollar globally.

Stablecoins tied to the dollar have the potential to reach $2 trillion in the next three years, said Treasury Secretary Scott Bessent on Wednesday during a Senate hearing. He told lawmakers that the U.S. wants to keep the dollar strong worldwide. To do this, the government is working on laws that bring stablecoins deeper into the financial system. These coins must be fully backed by United States Treasury bills and short-term debt.

🇺🇸 US Treasury Secretary: "Stablecoins could reach $2 trillion by 2028"

During a hearing before the US Senate, Treasury Secretary Scott Bessent predicted that the market for dollar-backed stablecoins could surpass $2 trillion within three years.

The GENIUS Act, the stablecoin… pic.twitter.com/iLWYnYN3gU

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GENIUS Act Gains Momentum as Trump Backs Crypto Regulations

Bessent’s comments came as the Senate advanced the GENIUS Act, a significant bill aimed at regulating stablecoins. The legislation is now one step closer to becoming law and is expected to require all stablecoins to be completely backed by United States dollars or other quick-to-sell assets. It may also require yearly checks for companies worth over $50 billion and include rules for stablecoins made outside the U.S. President Donald Trump has shown support for stablecoin rules and reportedly wants to approve the bill before August. 

At present, stablecoins backed by the U.S. dollar have a combined value exceeding $246.9 billion and represent over 96% of the entire stablecoin market worldwide. Bessent believes this amount could grow by ten times within three years if proper rules are put in place.

He stated:

“I believe that stablecoin legislation backed by U.S. treasuries or T-bills will create a market that will expand U.S. dollar usage via these stablecoins all around the world. I think that $2 trillion is a very reasonable number, and I could see it greatly exceeding that.” 

Stablecoins Could Keep Dollar Strong

Bessent said some people in the past thought the U.S. dollar would lose its top spot. But each time, something new helped keep it strong. He shared that the Trump team now sees dollar-backed stablecoins as a way to keep the dollar powerful around the world.

Bessent’s $2 trillion guess is high, but some experts agree it’s possible. Citigroup said stablecoin firms could still purchase more than $1 trillion in United States bonds by 2030, even if growth is slow. More people are now using digital dollar stablecoins, especially in countries with weak money. As the GENIUS Act moves forward quickly, the U.S. stablecoin sector is growing fast.

Big banks like Bank of America are now getting ready to release their own dollar-backed coins. During a Morgan Stanley conference held in New York, Bank of America CEO Brian Moynihan highlighted that while the bank is deeply engaged in conversations with others in the industry, the absence of clear regulatory guidelines remains a major challenge. Meanwhile, Circle — the firm responsible for the USDC stablecoin — recently made its stock market debut, with shares soaring by an impressive 235% on the first day of trading.

Bank of America @BankofAmerica is planning to launch its own stablecoin, according to CEO Brian Moynihan , who has stated that the bank is ready to enter the stablecoin market once regulatory frameworks are established. The bank is likely to launch a dollar-backed stablecoin,…

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