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Treasury Secretary Bessent: USD Stablecoin Market Could Surpass $2 Trillion by 2028
- Treasury Secretary Bessent predicts the USD stablecoin market could reach over $2 trillion by 2028.
- Bessent supported estimates linked to the GENIUS Act, aimed at regulating and expanding the U.S. stablecoin ecosystem.
- He stated that government-backed stablecoin legislation could enhance the global use of the U.S. dollar through stablecoins.
- Bessent believes $2 trillion is a feasible milestone for the stablecoin market, anticipating potential surpassing of this mark.
- Stablecoins are viewed as a strategic financial tool to strengthen the international presence of the U.S. dollar.
- The Treasury Secretary highlighted historical instances where new mechanisms preserved the U.S. dollar's reserve currency status.
- He emphasized the Trump administration's support for U.S.-backed stablecoins to secure and expand the dollar's global significance.
- With increasing digital currency demand worldwide, regulated stablecoins could advance the dollar's influence.
- Bessent sees stablecoins as a modern evolution in maintaining the U.S. dollar's dominance as a reserve currency.
- Bitcoin aims for $120,000 amidst potential historic breakout signals in altcoins.
- Stablecoins backed by U.S. treasuries are perceived as a means to protect and extend the dollar's status in the global market.
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