Treasury secretary Scott Bessent is betting the crypto industry will become a crucial buyer of Treasuries in coming years as Washington seeks to shore up demand for a deluge of new US government debt. Bessent has signaled to Wall Street that he expects stablecoins, digital tokens that are backed by high-quality securities such as Treasuries, to become an important source of demand for US government bonds, said people familiar with the discussions.
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Scott Bessent bets on stablecoins to bolster demand for treasuries
The recent passage of the Genius Act is a significant development which we are monitoring as it will promote innovation in stablecoins and grow demand for short-term Treasury securities.
