Treasury: ₱224.89 trillion ($3.7 trillion) Stablecoin Market Possible by 2030 With GENIUS Act
Washington is moving to establish stablecoins as the internet-native payment layer for the dollar economy, with Treasury Secretary Scott Bessent predicting a ₱224.89 trillion ($3.7 trillion) market cap by 2030 if the GENIUS Act passes. The framework treats dollar-backed stablecoins as transaction rails while positioning Bitcoin as a reserve asset.
Key Takeaway
Washington wants stablecoins for payments and Bitcoin for reserves—locking in the digital gold narrative.
The U.S. government is betting big on stablecoins as the payment layer for the digital economy, with Treasury Secretary Scott Bessent predicting a ₱224.89 trillion ($3.7 trillion) market cap by 2030 if the GENIUS Act becomes law.
The Senate advanced the GENIUS Act framework over the past year, marking the first time U.S. lawmakers, regulators, and the White House have moved in the same direction on digital dollars. The legislation specifies reserve backing requirements, consumer protection rules, and cross-border efficiency standards for payment stablecoins. Treasury issued a post-enactment statement describing stablecoins as a new rail for the dollar economy and a mechanism that can increase demand for U.S. government debt through reserve holdings.
The White House released a digital assets report calling dollar-backed stablecoins the next wave of innovation in payments. The report argues that dollar stablecoins can reinforce U.S. financial leadership, support real-time cross-border transfers, and preserve dollar relevance as digital finance globalizes. The Richmond Federal Reserve backed this view in an economic brief, saying reserve-backed stablecoins can deepen rather than dilute demand for dollars and Treasuries.
The Office of the Comptroller of the Currency proposed a rule in February specifying how permitted issuers, reserves, redemption, custody, supervision, and approval processes fit under federal oversight. Meanwhile, the PARITY Act discussion draft creates a special tax rule for qualifying regulated payment stablecoins pegged solely to the U.S. dollar. The draft applies wash-sale rules across digital assets broadly, treating stablecoins differently from other crypto assets for routine transactions.
Bessent framed the law as giving the dollar an internet-native payment rail. The strategy positions stablecoins for spending and payments while Bitcoin is positioned as a scarce external asset for savings, collateral, treasury reserve exposure, and macro expression. Senator Cynthia Lummis referenced a 2025 digital asset tax proposal in advancing the framework.
BDO analyzed the tax treatment direction in the PARITY Act, noting the special status for regulated payment stablecoins. The framework creates a clear split between transaction assets and reserve assets, with the Richmond Federal Reserve's economic brief supporting this division by arguing that stablecoins backed by Treasuries create new demand for U.S. government debt rather than competing with it.
This article was written based on reporting from CryptoSlate.
