PANews June 12 news, according to Bloomberg, U.S. Treasury Secretary Scott Bessent said at a Senate Appropriations Subcommittee hearing that the market size of stablecoins pegged to the U.S. dollar is expected to reach $2 trillion or even higher, which is expected to consolidate the position of the U.S. dollar in the global financial system. Bessent emphasized that the current government is committed to maintaining and strengthening the status of the U.S. dollar as a reserve currency, and mentioned that legislation promoted by Congress will require U.S. dollar stablecoins to be reserved in highly liquid assets such as U.S. Treasuries. Although Citigroup analysts predict that by 2030, the scale of stablecoin holdings of U.S. Treasuries may exceed $1 trillion, Bessent believes that $2 trillion is a reasonable estimate and the actual scale may far exceed this figure. He also said that stablecoin legislation backed by U.S. Treasuries will create new markets and expand the global use of the U.S. dollar. At this time, the Senate is promoting the GENIUS Act to fully regulate payment stablecoins.