U.S. Treasury Secretary Scott Bessent recently said that stablecoins could play a big role in reducing the national debt. In a recent post on X, he said as the stablecoin market grows, possibly reaching $3.7 trillion by 2030, it will drive more demand for U.S. Treasury bonds.
Scott Bessent says Stablecoins May Help Cut U.S. Debt, Source: X
These bonds are used to back most stablecoins, meaning companies that issue stablecoins need to buy them. This extra demand for government bonds could lower borrowing costs for the U.S. government.
In simple terms, the government would pay less interest when it borrows money. Over time, this could help reduce the national debt and bring more people from around the world into the U.S. dollar-based digital economy. Bessent called it a “win-win-win” for the private sector, the Treasury, and consumers.
That scenario becomes more likely with the passage of the GENIUS Act—a new law designed to create clear and safe rules for stablecoins to grow. On June 12, the U.S. Senate made a historic move by voting 68–30 in favor of the GENIUS Act.
As per the recent report of Citi,stablecoins could grow as big as $3.7 trillion by 2030 if things go well, with a safer guess of $1.6 trillion. Treasury Secretary Scott Bessent also said U.S. stablecoins could cross $2 trillion by 2028 if laws like the GENIUS Act are passed to help them grow in the U.S. and around the world. Right now, the total stablecoin market sits around $255 billion, led by Tether and USDC.
Also Read: Arthur Hayes Warns New Stablecoin IPOs Are Just ‘Hot Potatoes’
