David Sacks: The stablecoin bill could create trillions of dollars in demand for the U.S. Treasury
ChainCatcher news, according to The Block, crypto mogul David Sacks stated on CNBC that the GENIUS stablecoin bill is expected to pass, potentially creating trillions of dollars in demand for the U.S. Treasury "almost overnight."The bill requires stablecoins to be fully backed by U.S. Treasury securities or dollar equivalents and imposes registration and auditing requirements on large issuers with a market capitalization exceeding $50 billion. Despite concerns from some lawmakers about the Trump family potentially benefiting, Sacks emphasized that the bill has garnered significant bipartisan support, with 15 Democrats voting in favor, as it will provide a "more efficient, cheaper, and smoother payment system" and expand the online dominance of the dollar.Currently, the stablecoin market has reached a size of $200 billion, with Tether holding nearly $120 billion in U.S. Treasury securities, surpassing Germany to become the 19th largest holder globally.