Scott Bessent said predictions that stablecoins will reach $3.7 trillion market cap by 2030 become more likely with a GENIUS Act approval.
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.
Senate vote and bill mechanics
The Senate voted 68-30 on June 11 to invoke cloture on the GENIUS Act, ending debate and starting the 30-hour clock toward a final roll call.
Majority Leader John Thune placed the measure on the chamber’s last voting block before it moves to the House.
The bill would require every payment stablecoin to hold high-quality, highly liquid assets equal to tokens in circulation, chiefly Treasury bills or insured deposits while barring issuers from offering yield.
Bessent linked the reserve mandate to an anticipated surge in private demand for Treasury bills, remarking that the fresh buyer base could help “rein in the national debt.” He added that dollar-denominated payment coins would introduce millions of users worldwide to digital-asset rails settled in US currency.
The Senate’s decision will determine whether those fiscal and market effects move beyond projection.
Authors
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry.
Assad Jafri, a passionate journalist, specializes in financial journalism with a focus on crypto reporting.
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