TechFlow news, on June 18, U.S. Treasury Secretary Scott Bessent recently posted in support of the GENIUS Act, stating that the stablecoin market is projected to grow to $3.7 trillion by the end of this decade, and the passage of the GENIUS Act would expand and accelerate this development. Bessent said a stablecoin ecosystem backed by U.S. Treasuries would drive private-sector demand for U.S. government bonds, potentially lowering government borrowing costs and helping manage the national debt.
The Treasury Secretary views this as an innovative, win-win legislation that would benefit the private sector, the Treasury, and consumers alike, while also helping more users worldwide access a dollar-based digital asset economy.
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