Treasury Sec. Bessent Pushes Stablecoins Hard

Treasury Secretary Bessent says crypto stablecoins can lower government borrowing costs and reduce national debt.

Dollar-pegged stablecoins could explode to a $2 trillion market cap within a few years, Treasury Secretary Scott Bessent said on Wednesday while testifying at a Senate Appropriations subcommittee hearing.

“A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt.”

Scott said concerns about the dollar’s future have popped up over and over again in history. Each time, he added, the dollar has come back stronger — now, he thinks crypto is part of the next phase.

“This administration is committed to keeping the reserve currency status and enhancing that,” Scott said during questioning. He also pointed out that ongoing legislation in Congress would create clear rules for dollar-linked stablecoins, which would have to be backed 1-to-1 by high-quality assets like T-bills.

We’re heading for financial Armageddon. Stablecoins are a temporary fix.

But there is good news.

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