Stablecoins are gearing up for their next super-cycle.
US Treasury Secretary Scott Bessent said he now expects the stablecoin market to hit $3 trillion by 2030, raising his earlier projection of $2 trillion by 50%, in fresh remarks on Wednesday evening.
Stablecoins are valued at over $300 billion now, DefiLlama data shows. But Bessent says they’re set to “grow tenfold by the end of the decade thanks to the innovation made possible by the Genius Act.”
This is the first time a US Treasury Secretary has explicitly framed stablecoins as a structural growth engine and as a future pillar of US sovereign debt demand.
According to Bessent, the US Treasury is now “closely monitoring growth in money market funds and the stablecoin market”, noting that both groups are “large investors in Treasury bills.”
He added that demand for US Treasuries remains strong as ever and that stablecoin issuers will be factored into long-term debt management strategy.