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Senate hearing: Treasury says stablecoin bill could boost demand for U.S. Treasuries
Summary
Treasury Secretary Bessent told a Senate appropriations subcommittee that legislation to require stablecoins be backed by cash or short‑dated U.S. Treasuries would expand dollar usage and create new demand for Treasuries, while regulators consider tailoring bank capital rules tied to Treasuries.
Senate Appropriations Subcommittee Chairman Haggerty and other senators questioned Treasury Secretary Bessent on the potential market impacts of the Genius Act, a bill that would require stablecoins to be backed by cash or short‑dated U.S. Treasury securities.
Secretary Bessent, Secretary of the Treasury, told the subcommittee that the administration supports measures to keep the U.S. “the world leader in digital assets,” saying such legislation “will create a market that will expand US dollar usage via these stable coins all around the world.”
The committee pressed Bessent on how the bill’s reserve requirement could affect demand for U.S. Treasury debt. A senator cited private estimates that…
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