US Treasury Secretary Benson: Stablecoins can consolidate the dollar's hegemony

PANews reported on June 21 that U.S. Treasury Secretary Bensont said in an article on the X platform that cryptocurrencies will not pose a threat to the U.S. dollar. In fact, stablecoins can consolidate the hegemony of the U.S. dollar. Digital assets are one of the most important phenomena in the world today. The United States will strive to build a digital asset innovation center, and the GENIUS Act brings this goal one step closer.

Bessant previously pointed out that recent reports predict that the stablecoin market could reach $3.7 trillion in the next decade, and with the passage of the GENIUS Act, the outlook for the stablecoin market will be even brighter. The stablecoin ecosystem will drive private sector demand for U.S. Treasuries, which are the backing of stablecoins. This new demand is expected to reduce government borrowing costs and help control national debt. It may also attract millions of new users around the world to join the dollar-based digital asset economy.