U.S. Secretary of the Treasury Scott Bessent released a statement after President Trump signed the GENIUS Act into law.
"Stablecoins represent a revolution in digital finance," said Treasury Secretary Scott Bessent. "The dollar now has an internet-native payment rail that is fast, frictionless, and free of middlemen." He highlighted that this technology will strengthen the dollar's position as the global reserve currency and expand access to the dollar economy worldwide.
Bessent also noted that this development would lead to increased demand for US Treasuries, which back stablecoins. "The GENIUS Act provides the fast-growing stablecoin market with the regulatory clarity it needs to grow into a multitrillion-dollar industry," he added. He described the signing of this bill as a pivotal moment for digital assets and dollar supremacy.
