US Treasury Secretary Scott Bessent spoke about Cryptocurrency!

In the US, while important developments continue to occur regarding Bitcoin (BTC) and the cryptocurrency market, significant statements have come from US Treasury Secretary Scott Bessen.

U.S. Treasury Secretary Scott Bessent mentioned stablecoins in his statement before the Senate subcommittee, addressing the topic that has been under discussion in recent months.

Bessent stated that dollar-backed stablecoins could reach a market value of 2 trillion dollars or more.

Bessent emphasized that stablecoins have the potential to expand the global use of the US dollar, noting that Congress has advanced legislation requiring stablecoins to be backed by high-quality assets such as US Treasury Bonds.

Bessent stated that throughout history, there have been many events questioning the status of the dollar, but with new dynamics giving the USD new momentum, such fears have become unfounded.

"This administration is determined to maintain Bitcoin's status as a reserve currency in America and to advance blockchain technology.

The stablecoin regulation backed by US Treasury Bills or Treasury Bonds will create a market that expands the use of the US dollar worldwide through these stablecoins.

I think 2 trillion is a very, very reasonable figure for the stablecoin market and I can see that it could be much more.

The US Treasury Secretary reiterated that the US government is working to strengthen the dollar's status as a reserve currency by supporting legislation that includes strict rules to further integrate stablecoins into the financial system and ensure they are fully backed by Treasury bills and other short-term government debt.

Meanwhile, great efforts are being made to pass the GENIUS proposal, which is seen as crypto-friendly, in Congress.

*This is not investment advice.

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