U.S. Treasury Secretary Scott Bessent told Bloomberg earlier this Friday that the world’s largest economy is “going big” on digital assets.
According to Bessent, a lot of companies were “starved” and almost pushed to extinction by the previous administration.
The new administration is focused on promoting crypto growth while applying the highest regulatory standards, according to Bessent.
“So, what we want to do is to apply the highest US regulatory AML standards to digital assets, especially stablecoins,” he stressed.
Speaking of stablecoins, Bessent said that stablecoins could create roughly $2 trillion worth of demand for U.S. Treasuries and Treasury bills over the short term. As of now, for comparison, the number is $300 billion.
As reported by U.Today, Tether CEO Paolo Ardoino recently opined that the USDT stablecoin actually helps to bolster the hegemony of the US dollar.
The U.S. Senate also appears to be on track to pass key stablecoin legislation in the near future, which would be a major win for the industry.
Meanwhile, according to recent reports, such big names as Fidelity and JPMorgan are considering joining the stablecoin bandwagon.
Beyond stablecoins, the new crypto-friendly US admin is promoting Bitcoin.
In March, the world’s largest economy made a trailblazing move by establishing a strategic Bitcoin reserve.
As reported by U.Today, Bessent previously opined that the U.S. could find some avenues for buying more coins on top of the forfeited ones.
