Senator Hagerty Says Stablecoin Issuers May Surpass Foreign Governments In US Treasury Holdings

U.S. Senator Bill Hagerty (R-TN) said stablecoin issuers could become the largest holders of U.S. Treasuries globally by the end of the decade, citing projections from Citibank.

What Happened: Speaking in an interview with CNBC on Monday, Hagerty emphasized the role stablecoins play in transforming the payments landscape while underscoring their backing by short-term U.S. government debt.

“This is a payment mechanism and not to be confused with Bitcoin or something that has a speculative component,” Hagerty said. “By 2030, stablecoin issuers will be the largest holders of U.S. Treasuries in the world.”

Hagerty stressed that unlike cryptocurrencies such as Bitcoin (CRYPTO:

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