The scale of US dollar stablecoins may soar to 2 trillion USD, leading to a significant increase in demand for US Treasury bonds.

The U.S. Treasury Secretary stated at a Senate hearing that the market value of stablecoins pegged to the dollar could surge to $2 trillion in the coming years. The government is taking measures to solidify the dollar's status as a reserve currency, supporting legislation to more deeply integrate stablecoins into the financial system, and developing strict rules to ensure they are fully backed by Treasury bills and other short-term government debt.

The Finance Minister pointed out that concerns about the future of the US dollar have repeatedly emerged in history, but each time the dollar makes a strong comeback. He believes that cryptocurrencies are an important part of the future development of the dollar. In response to inquiries, he emphasized that the current government is committed to maintaining and consolidating the dollar's status as a reserve currency. He also mentioned that Congress is advancing legislation to establish clear rules for stablecoins pegged to the dollar, requiring these stablecoins to be backed by high-quality assets such as US Treasury securities at a 1:1 ratio.

The Treasury Secretary stated that the forecast of $2 trillion is not unrealistic. He believes that as the use of stablecoins in everyday transactions increases, stablecoins backed by U.S. debt will enhance the global influence of the dollar. He also expects that stablecoins pegged to the dollar will boost global demand for U.S. government bonds, which aligns with broader fiscal goals.

At the same time, Congress is actively pushing for new stablecoin legislation. Recently, the Senate passed an important procedural vote with 68 votes in favor and 30 against, and the final bill is expected to be passed as early as next week. The bill has received support from the President, major cryptocurrency lobbying groups, and influential lawmakers from both parties.

On the day before the Senate vote, the House Financial Services Committee and Agriculture Committee passed a broader cryptocurrency bill. Some cryptocurrency organizations invested heavily in supporting pro-cryptocurrency candidates and policies in the last election and are now backing this bill to promote the widespread use of stablecoins in the payment sector.

Retailers are also strongly supporting the technology, hoping that stablecoins can provide them with an alternative to credit card processing to reduce the high fees that have long plagued large merchants. However, retailers are not only supporting the stablecoin legislation, but are also actively lobbying for a separate provision to be added to the bill that would require large banks to offer more credit card processing network options.

The banking industry has mixed opinions on this bill. Small banks warn that stablecoins could lead to deposits flowing out of the traditional banking system, thereby reducing lending and everyday credit channels. On the other hand, large banks are exploring the creation of their own stablecoins to control customer funds and earn interest from the reserves backed by these stablecoins.

The Treasury Secretary emphasized that as long as these stablecoins are fully backed by U.S. government debt, the demand for the dollar both domestically and internationally will become even stronger. He mentioned that although some analysts predict an additional $1 trillion in stablecoin purchases by the U.S. Treasury by 2030, the Treasury sees greater potential. "This is not just a possibility, but a goal we are actively working towards," he stated.

The bill is a top priority for the Treasury Department and the White House. The chairman of the Senate Banking Committee confirmed that hearings on the broader cryptocurrency regulatory bill will be held in July, but the bill may not pass until the fall. The Senate Majority Leader stated that the Senate will strive to pass this stablecoin bill soon and urged the House to take swift action to send it to the President.