Fact Check: Treasury Secretary Scott Bessent stated that the legislation could help push the U.S. stablecoin market beyond $2 trillion by the end of 2028.

Fact Check: "Treasury Secretary Scott Bessent stated that the legislation could help push the U.S. stablecoin market beyond $2 trillion by the end of 2028."

What We Know

Treasury Secretary Scott Bessent recently made a statement during a Senate Appropriations Committee hearing, asserting that the U.S. stablecoin market could surpass $2 trillion by the end of 2028. He emphasized that legislation such as the GENIUS Act could significantly enhance the adoption of USD-backed stablecoins both domestically and globally. Currently, dollar-linked stablecoins represent over $246.9 billion, which is more than 96% of the global stablecoin market (source-1, source-4). Bessent believes that with appropriate regulatory frameworks, this figure could increase tenfold within the next three years (source-2, source-3).

Analysis

Bessent's claim is grounded in the current trajectory of the stablecoin market and the potential impact of the GENIUS Act, which mandates that stablecoins be fully backed by U.S. dollars or liquid assets. This legislation aims to provide a clearer regulatory framework, which could foster greater adoption of stablecoins (source-6).

While Bessent's projection is optimistic, it aligns with other financial analyses. For instance, Citigroup analysts have suggested that stablecoin issuers could purchase over $1 trillion in U.S. Treasuries by 2030, indicating a significant growth potential in the stablecoin sector (source-2). However, it is important to note that such projections are inherently speculative and depend on various factors, including regulatory developments, market conditions, and global economic trends.

The sources reporting on Bessent's statement are generally credible, including established financial news outlets like Bloomberg and Reuters, which have a track record of accurate reporting in the finance sector (source-1, source-3).

Conclusion

The claim that Treasury Secretary Scott Bessent stated the U.S. stablecoin market could exceed $2 trillion by the end of 2028 is True. Bessent's assertion is based on current market data and the anticipated effects of the GENIUS Act, which aims to provide a robust regulatory framework for stablecoins. While the projection is optimistic, it is supported by credible analyses and aligns with broader trends in the financial sector.

Sources

1. Stablecoins' step toward mainstream could shake up parts ...
2. Treasury Secretary Scott Bessent Sees Stablecoin Market Surging Past $2 ...
3. Dollar Stablecoin Market Could Hit $2 Trillion: Treasury's Scott ...
4. US Stablecoin Market May Hit $2 Trillion by 2028: Treasury Secretary
5. US stablecoin market could exceed $2 trillion projection by end of 2028 ...