Treasury Secretary Scott Bessent emphasized the importance of US Treasury-backed stablecoins in a Senate Appropriations subcommittee hearing on Wednesday. Bessent stated that these dollar-pegged coins could reach a market capitalization of $2 trillion within a few years, driven by increasing DeFi adoption and rising institutional investment. He believes this legislation will solidify the dollar’s position as the world’s leading reserve currency while expanding its global reach in transactions. The government is actively working on rules to ensure stablecoin backing through high-quality assets like Treasury bills. 2030 market forecasts suggest that these coins could generate a significant increase in demand for US Treasury debt, aligning with broader fiscal goals.