U.S. Treasury Secretary Yellen: The U.S. stablecoin market is expected to exceed $2 trillion by the end of 2028

ChainCatcher news, according to The Block, U.S. Treasury Secretary Basant stated during a Senate hearing on Wednesday that with legislative support, the market size of U.S. dollar stablecoins is expected to exceed $2 trillion by 2028.

Basant said, "I believe that stablecoin legislation backed by U.S. Treasury securities or short-term Treasury bills will create a market that expands the use of the dollar globally through these stablecoins. I think $2 trillion is a very reasonable figure, and I expect it will far exceed that number in the future."