The “Guiding and Establishing the National Innovation Act for Stablecoins in the United States” was passed in the Senate, and US Treasury Secretary Basent immediately issued a statement in support of it.

Bessent said that the stablecoin market is expected to grow to 3.7 trillion US dollars by 2030. The stablecoin ecosystem supported by US Treasury bonds will drive the private sector’s demand for US Treasury bonds, which is expected to reduce government borrowing costs and help control national debt.

From Bessent’s words, it is not difficult to see that this legislation in the field of digital currency is closely related to the stability of the US financial and monetary sector supported by the US dollar.

At present, there is a chronic and persistent problem in US dollar assets – US debt. By promoting stablecoins, the United States also hopes to alleviate the problem of its debt.

For a long time, the US economy has relied on a seemingly perfect closed loop to operate: exporting the US dollar to all over the world through a huge trade deficit; Meanwhile, various countries repatriated a large amount of the US dollars in their hands to the United States by purchasing US Treasury bonds. The United States, on the other hand, uses this borrowed money to invest globally and earns substantial returns sufficient to cover the interest.