PANews reported on June 21 that U.S. Treasury Secretary Becent posted on X platform, stating that cryptocurrencies will not pose a threat to the U.S. dollar. In fact, stablecoins can consolidate the dollar's hegemonic status. Digital assets are one of the most important phenomena in today's world, and the United States will be committed to creating a digital asset innovation center, with the GENIUS Act bringing this goal closer to fruition.
Becent previously noted that recent reports predict the stablecoin market could reach $3.7 trillion in the next decade. With the passage of the GENIUS Act, the prospects for the stablecoin market will be even brighter. The stablecoin ecosystem will drive private sector demand for U.S. Treasury bonds, which serve as the backing for stablecoins. This new demand is expected to reduce government borrowing costs, help control national debt, and potentially attract millions of new users to the dollar-based digital asset economy globally.
