US Treasury Borrowing Advisory Committee: Stablecoin Market Could Reach $2 Trillion by 2028

According to Forbes, the U.S. Treasury Borrowing Advisory Committee (TBAC) expects the stablecoin market to reach $2 trillion by 2028. With the GENIUS Act expected to pass in August this year, stablecoin issuers will be required to hold U.S. Treasury bonds as reserves, which may exceed China's current holdings of $784 billion in U.S. debt.

It is reported that over $120 billion in short-term U.S. Treasury bonds currently support stablecoin issuance, with another $90 billion held in money market funds. U.S. Treasury Secretary Scott Bessent stated that stablecoins not only expand the use of the dollar but also support the continued demand for U.S. Treasury bonds.