US Stablecoin Market Poised for Exponential Growth, Treasury Secretary Predicts $2 Trillion by 2028

Treasury Secretary Scott Bessent projects the US stablecoin market could exceed $2 trillion in market capitalization by 2028, driven by regulatory advancements like the GENIUS Act. Currently, dollar-pegged stablecoins dominate with $246.9 billion, representing 96% of the global market. Bessent emphasized that legislation mandating full backing by US dollars or liquid assets could catalyze tenfold growth in three years.

The GENIUS Act, now advancing in the Senate, introduces stringent requirements for stablecoin issuers, including annual audits for firms valued over $50 billion. President Donald TRUMP has endorsed the bill, aiming for enactment before August 2025. "Stablecoins backed by US Treasuries will expand dollar usage globally," Bessent stated, underscoring the potential for the market to surpass even the $2 trillion benchmark.