U.S. Stablecoin Market Could Top $2 Trillion by 2028, Treasury Secretary Says
The U.S. stablecoin market may be heading for explosive growth, with Treasury Secretary Scott Bessent stating it could exceed $2 trillion by the end of 2028. Speaking during a Senate hearing on Wednesday, Bessent backed projections that the GENIUS Act—landmark legislation aimed at regulating stablecoins—could unlock vast new global demand for dollar-backed digital assets.
“I think that $2 trillion is a very reasonable number, and I could see it greatly exceeding that,” Bessent told the Senate Appropriations Committee.
He emphasized that stablecoins fully backed by U.S. Treasuries or T-bills would help expand global usage of the dollar, reinforcing its role as the world’s reserve currency.
The comments followed the Senate's procedural vote to advance the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), which sets up a final vote expected soon. The legislation would require all stablecoins to be backed 1:1 by U.S. dollars or highly liquid assets and mandates annual audits for issuers with market caps over $50 billion. It also includes oversight for foreign-issued stablecoins.
The bill has gained support from both sides of the aisle and is backed by President Donald Trump, who has said he wants to sign it into law before August.
“The U.S. dollar has withstood many tests throughout history,” Bessent added, “and stablecoins could be the next tool to strengthen its dominance.”
Currently, U.S. dollar-linked stablecoins represent more than 96% of the global stablecoin market, with a combined market cap of $246.9 billion. That dominance, Bessent suggested, could scale dramatically with clearer regulation and increased global adoption.
Momentum in the space is already accelerating. Major institutions are moving in: Bank of America is reportedly preparing to launch its own stablecoin, and Circle, the issuer of USDC, recently went public. Circle’s stock soared 235% on its debut, reflecting investor optimism around the future of compliant, regulated stablecoins.