U.S. Treasury Secretary Yellen: Cryptocurrencies will not pose a threat to the dollar, stablecoins can reinforce the dollar's dominance

ChainCatcher News, U.S. Treasury Secretary Becerra stated on the X platform that cryptocurrencies do not pose a threat to the dollar. In fact, stablecoins can reinforce the dollar's dominant position. Digital assets are one of the most significant phenomena in today's world, and the U.S. is committed to becoming a center for digital asset innovation, with the GENIUS Act bringing this goal closer.

Becerra previously pointed out that recent reports predict the stablecoin market could reach $3.7 trillion in the next decade. With the passage of the GENIUS Act, the outlook for the stablecoin market will be even brighter. The stablecoin ecosystem will drive private sector demand for U.S. Treasury bonds, which are the backbone of stablecoins. This new demand is expected to lower government borrowing costs, help control national debt, and potentially attract millions of new users globally to the dollar-based digital asset economy.