While endorsing ambitious growth projections for dollar-backed stablecoins, Treasury Secretary Scott Bessent acknowledged significant uncertainties during Wednesday’s Senate hearing.
His $2 trillion by 2028 estimate accompanies the GENIUS Act’s advancement, legislation that would impose strict reserve and audit requirements.
“History shows the dollar always finds new mechanisms to maintain dominance,” Bessent stated, defending the administration’s push for pre-August passage.
However, some senators questioned whether the projection adequately accounts for potential competition from foreign CBDCs or private alternatives. The bill’s foreign issuance provisions remain particularly contentious as lawmakers weigh dollar hegemony against innovation risks.
