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Treasury Secretary Touts Stablecoins as Debt Relief Tool Ahead of GENIUS Act Vote
Treasury Secretary Touts Stablecoins as Debt Relief Tool Ahead of GENIUS Act Vote
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Treasury Secretary Scott Bessent framed stablecoins as a mechanism to reduce federal borrowing costs and curb debt growth, contingent on Congress passing the GENIUS Act. His June 17 remarks projected a $3.7 trillion stablecoin market by 2030, arguing that the bill’s reserve and audit requirements WOULD accelerate adoption.
The Senate’s 4:30 PM ET vote on the Guiding and Establishing National Innovation for US Stablecoins Act could reshape the crypto landscape. The bill mandates 100% reserve backing in Treasuries or insured deposits, prohibits yield offerings, and imposes strict anti-money laundering controls—a framework Bessent called a "win-win-win" for issuers, regulators, and users.
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