Treasury secretary Scott Bessent is betting the crypto industry will become a crucial buyer of Treasuries in coming years as Washington seeks to shore up demand for a deluge of new US government debt.
Bessent has signalled to Wall Street that he expects stablecoins, digital tokens that are backed by high-quality securities such as Treasuries, to become an important source of demand for US government bonds, said people familiar with the discussions.
He has sought information from leading stablecoin issuers including Tether and Circle, and these discussions informed the Treasury department’s plans in the coming quarters to increase sales of short-term bills, these people said.
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