US Stablecoin Market Could Surpass $2T by 2028
- Dollar Stablecoins Could Surpass $2 Trillion
- GENIUS Project Pushes for Stablecoin Regulation in the US
- Trump supports bill to strengthen global use of dollar via crypto
U.S. Treasury Secretary Scott Bessent stated at a Senate hearing that the market for stablecoins backed by US dollars has the potential to surpass the US$2 trillion mark by the end of 2028. The statement was made after citing an estimate from the Senate Appropriations Committee, which projects this expansion based on the approval of the so-called GENIUS Act.
🇺🇸 BREAKING – US Treasury Secretary Bessent:
– Stablecoin regulations backed by US Treasuries will expand global USD usage
– We could see stablecoin demand exceed $2 TRILLIONThis is massive for crypto.
Regulated stablecoins = institutional trust
Institutional trust =… pic.twitter.com/inZh9maAwW— @CryptoELlTES (@CryptooELITES) June 12, 2025
According to Bessent, legislation focused on stablecoins backed by Treasury securities or highly liquid assets could significantly expand the international reach of the US dollar. “I believe that stablecoin legislation backed by US Treasury securities or T-bills will create a market that will expand the use of the US dollar through these stablecoins around the world,” he said. “I think $2 trillion is a very reasonable number, and I can see it going well beyond that.”
The legislative proposal, which advanced in the Senate last Wednesday, imposes strict requirements on stablecoin issuers. These include a requirement for full backing in U.S. dollars or equivalent, annual audits for issuers with a market value above $50 billion and specific rules for foreign issuers.
Support for the bill also came from former President Donald Trump, who has expressed interest in signing the legislation into law before August. The move is seen as part of a broader strategy to bolster the dollar’s role as a global reserve currency in the face of the rapid growth of stablecoins.
Dollar-pegged stablecoins currently have a market cap of approximately $246,9 billion, representing over 96% of the total market cap. The advancement of the GENIUS Act has also had a direct impact on the industry, with Bank of America developing its own stablecoin and Circle, the issuer of USDC, going public this month and seeing its shares soar 235% on its first day of trading.
