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U.S. Treasury Secretary Scott Bessent predicts global preference for stablecoins over central bank digital currencies (CBDCs), citing trust in U.S. regulation. He highlights stablecoins as a new payment rail and a boost for Treasury demand.
- Bessent believes stablecoins will be preferred over CBDCs due to U.S. regulatory trust and Treasury backing.
- The GENIUS Act requires stablecoin issuers to maintain 1:1 asset reserves, including cash or Treasury securities.
- Bessent is pushing the House to pass the Senate-approved GENIUS Act by mid-July to regulate stablecoins.
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