US Treasury Secretary Scott Bessent says digital assets may create a $2 trillion demand for US Treasuries in the coming years.

In an appearance before a Congressional House Committee Tuesday morning focused on the international financial system, Bessent says the US should take a global leadership role on digital assets.

“We believe that the United States should be the premier destination for digital assets, and, as members of this committee and the Senate are attempting to do, create good market structure around that so that US best practices are used around the world.”

He also says that the crypto market may give US Treasuries a massive demand boost.

“Digital assets are an important source of innovation that can drive usage of the US dollar around the world, as with stablecoin legislation. There is speculation that there may be up to $2 trillion of demand over the next few years for US government securities from digital assets.”

Last month, veteran macro investor Luke Gromen explained that Bitcoin (BTC) can influence demand for US Treasuries. According to Gromen, a Bitcoin bull market typically increases demand for dollar-pegged crypto assets known as stablecoins.

Stablecoin issuers such as Tether and Circle predominantly rely on Treasury bills to back their coins on a 1:1 basis. As of December 2024, Tether has invested over $94.47 billion in T-bills to back USDT. Circle owns $22.047 billion worth of T-bills as of February of this year to back its stablecoin, USDC.

Meanwhile, two stablecoin bills making their way through Congress, the STABLE Act of 2025 and the GENIUS Act of 2025, require issuers to invest in T-bills and other real-world assets to back their coins.

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