Treasury Secretary Scott Bessent stated on June 17 that stablecoins could cut federal borrowing costs and slow debt growth if Congress sends the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act to the president.
In an X post, he pointed to research projecting a $3.7 trillion stablecoin market by 2030 and argued that the bill would accelerate that expansion by setting reserve, audit, and licensing rules.
Bessent called the outcome “a win-win-win” for issuers, the Treasury, and consumers because payment coin reserves would sit largely in short-dated US Treasuries, lifting demand for the securities and easing financing pressure.
The Senate will vote on the GENIUS Act today, with the session starting at…
