GENIUS Act Advances as Treasury Backs $2T Stablecoin Forecast
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The Senate took decisive steps toward stablecoin regulation Wednesday as Treasury Secretary Scott Bessent endorsed projections of a $2 trillion dollar-pegged stablecoin market by 2028.
Testifying before the Appropriations Committee, Bessent called the estimate “eminently achievable” under the GENIUS Act framework moving toward final vote.
“This legislation will create trustworthy digital dollar instruments while expanding global usage,” Bessent said.
The bill mandates full reserve backing and introduces strict oversight for issuers above $50 billion market cap. With President Trump urging swift passage, the administration views stablecoins as both an economic opportunity and dollar preservation tool.
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