Treasury Secretary Scott Bessent said Wednesday that dollar-pegged stablecoins could reach a market capitalization of $2 trillion and beyond as the stablecoin bill advanced in the Senate.

What happened: During a testimony before the Senate Appropriations Committee, Bessent underscored the Trump administration’s goal of preserving the dollar’s status as the world’s reserve currency.

“I believe stablecoin legislation backed by U.S. Treasuries or T-bills will create a market that will expand U.S. dollar usage via these stablecoins all around the world,” he added. “I think that $2 trillion is a very, very reasonable number, and I could see it greatly exceeding that.”

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