The U.S. Treasury secretary is reportedly counting on the cryptocurrency sector to become a key purchaser of Treasurys.
Scott Bessent has indicated to Wall Street that he expects that stablecoins will become a crucial driver of demand for government bonds, the Financial Times (FT) reported Wednesday (Aug. 20), citing sources familiar with the matter.
Those sources said Bessent has held discussions with stablecoin issuers such as Tether and Circle, and those talks helped guide the Treasury Department’s plans to increase sales of short-term bills in the coming quarters.
The FT notes that this effort is the latest signal of the Trump administration’s push to place crypto at the center of the U.S. finance system.
Jay Barry, head of global rates strategy at JPMorgan Chase, told the FT that Bessent and the Treasury “absolutely think that stablecoins will be a real source of new demand for Treasurys” which is “absolutely…
