US Treasury Secretary Scott Besant believes that cryptocurrency holders will become the main buyers of US government bonds amid the planned issuance of new government securities, the Financial Times(FT) newspaper reported, citing sources.
Besant requested information from leading issuers of stablecoins, and the data received served as the basis for the US Treasury Department's plans to issue short-term bonds in the near future. As stated by Jay Barry, a representative of the largest American bank JPMorgan Chase, Bessent is confident that government bonds will be in great demand among cryptocurrency issuers, so the Treasury Department has bet on short-term bonds.
On July 18, US President Donald Trump signed the GENIUS Act, which establishes a regulatory framework for issuers of stablecoins. According to the law, stablecoins are backed by real US dollars in a ratio of one to one. Earlier, Bessent, speaking at a White House forum dedicated to cryptocurrencies, said that the United States intends to maintain the dominance of the US dollar as the world's reserve currency with the help of stablecoins.
In early March, Trump signed an executive order to form a strategic reserve of cryptocurrencies from Bitcoin. As reported by investor David Sachs, who was appointed co-chair of the President's Science Advisory Committee and is responsible for US policy in the field of artificial intelligence and cryptocurrencies, the reserve could reach approximately 200 thousand bitcoins.