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U.S. Treasury Secretary Scott Bessent is confident that people around the world are going to choose stablecoins over central bank digital currencies (CBDCs).
In a new interview with Bloomberg, Bessent says the stablecoin sector creates an “exciting new payment rail.”
“And importantly, it will be a source of demand for the US Treasury market, because if you think about it, in terms of preference globally, would you rather have a private stablecoin that’s backed by US Treasuries with US best practices and regulation, or would you rather have an [European Central Bank] or [People’s Bank of China] central bank digital currency that if you write a mean X post, the government could turn off. I think everyone’s going to choose the US private sector with US regulation all day, every day.”
Bessent says he’s been encouraging members of the House of Representatives to pass the Senate version of the GENIUS Act “as is” and believes the bill could make its way through the House by mid-July.
The potential legislation would require stablecoin issuers to maintain backing for their assets on a 1:1 ratio.
The bill also states that stablecoin issuer reserves can be made up of US currency; funds held as demand deposits or insured shares at an insured depository institution; and Treasury bills, notes or bonds.
The Senate passed the bill last month.
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