Key Highlights
- US Treasury Secretary Bessent says stablecoins will expand dollar access for billions
- New law mandates full reserves, audits, and strict AML/KYC compliance
- Stablecoin empowers the unbanked, while major players like JPMorgan and PayPal report rapid adoption
On August 18, 2025, U.S. Treasury Secretary Scott Bessent dropped a huge statement, highlighting that stablecoins, those digital dollars pegged to real-world cash, are about to change how money moves globally.
Stablecoins Will Expand Dollar Access, US Treasury Secretary Says
He did not just praise them, he called them a game-changer for the U.S. dollar’s dominance. With the recent green light on the GENIUS Act, the rules of the crypto sector, which is currently standing at $259 billion, are now clearer than ever.
Stablecoins are not just some internet money fad; they are the future of finance, opening doors for billions who’ve been left out of the traditional banking system.
The GENIUS Act, signed into law in July 2025, isn’t just another piece of paperwork. It’s a full-blown rulebook for stablecoins, making sure they’re safe, transparent, and under watch.
Issuers now have to keep enough cash in reserve, get audited regularly, and follow strict anti-fraud rules. Bessent made it clear that this law is not just about keeping things in check.
It is about putting the U.S. in the driver’s seat of the digital money revolution. No more wild west vibes; this is about building trust while letting innovation thrive.
Stablecoins have exploded in popularity. Right now, they’re worth over $200 billion, and experts like Chainlink’s Sergey Nazarov predict they could hit a jaw-dropping $2 trillion in the next ten years.
The GENIUS Act has already lit a fire under big players in finance. JPMorgan Chase is expanding its J.P. Coin for faster global payments, and PayPal’s PYUSD is seeing a 30% spike in transactions. Why? Because businesses and everyday people are catching on, stablecoins mean faster, cheaper, and simpler money moves.
Bessent stressed how stablecoins can lift up the unbanked as the 1.4 billion people worldwide who don’t have access to basic banking. In places like Africa and Southeast Asia, where traditional banks are scarce, stablecoins are filling the gap.
Take Tether (USDT), the biggest stablecoin out there; its use in sub-Saharan Africa shot up 15% last quarter, mostly for sending money home and small trades. Every time someone uses a dollar-pegged stablecoin, it tightens the U.S. dollar’s grip as the world’s go-to currency.
Since the GENIUS Act passed, the floodgates have opened for new ideas. Startups are popping up left and right, using stablecoins for everything from tiny loans to paying suppliers.
Circle, the company behind USD Coin (USDC), just rolled out a system that slashes cross-border transfer fees by 40% for small businesses. Even DeFi platforms, where people lend and borrow without banks, are seeing more action, with stablecoin deposits up 25% in weeks. The message is clear: when the rules are solid, people feel safe to jump in.
Of course, it’s not all smooth sailing. Critics warn that hackers and shady operators could still find loopholes. A recent report flagged smaller stablecoin issuers as risky, calling for even tighter controls.
Some economists even worry that if stablecoins suck up too many U.S. Treasury bonds as reserves, it could mess with interest rates. But Bessent isn’t sweating it. He says the GENIUS Act’s strict backup rules and regular check-ups will keep things from spiraling out of control.
The U.S. is not the only one making moves. Europe just locked in its own crypto laws, and China’s digital yuan is trying to compete—but it’s not gaining much traction outside its borders. Bessent’s push for stablecoins isn’t just about tech; it’s about power. By spreading dollar-backed stablecoins worldwide, the U.S. isn’t just leading the financial revolution—it’s making sure the dollar stays on top.
Analysts say the stablecoin market could grow tenfold in a decade. Big banks will keep rolling out their own versions, and tech upgrades will make transactions lightning-fast.