U.S. Treasury Secretary: Crypto Assets do not threaten the U.S. dollar, the stablecoin market could reach a scale of $3.7 trillion.

[Chain News] PANews reported on June 21 that U.S. Treasury Secretary Yellen stated on social media that Crypto Assets do not pose a threat to the U.S. dollar. In fact, stablecoins can reinforce the dominance of the dollar. Digital assets are one of the most important phenomena in today’s world, and the U.S. is committed to becoming a center for digital asset innovation, while the GEN Act brings us one step closer to this goal.

Bescent previously pointed out that recent reports predict that the stablecoin market could reach a scale of $3.7 trillion in the next decade. With the passage of the GENIUS Act, the outlook for the stablecoin market will be even brighter. The stablecoin ecosystem will drive private sector demand for U.S. Treasury bonds, which are the backbone of stablecoins. This new demand is expected to lower government borrowing costs, help control national debt, and potentially attract millions of new users globally to the dollar-based digital asset economy.