Sacks advocates onshoring $250b stablecoin market
US crypto czar David Sacks says the Genius stablecoin bill could bring the $250 billion offshore stablecoin market into the United States, boost industry trust, and drive global demand for the U.S. dollar.
Speaking about the Genius Act in a recent Bloomberg interview, Sacks said the bill would provide the regulatory clarity needed to bring offshore stablecoin activity under U.S. oversight.
“I think this bill is a major piece of legislation, I think it is a fantastic bill,” he said. Sacks further noted that the Act would help traditional banks and financial institutions enter the stablecoin sector with confidence, and unlock growth that potentially expands the current $250 billion market capitalization to trillions of dollars.
The bill was introduced by Sen. Bill Hagerty (R-TN) earlier in February. If passed, it would require stablecoin issuers to hold full reserves in dollars or highly liquid assets, submit to regular audits, and follow stricter guidelines. It also includes oversight for foreign issuers, in aims to limit financial risk and prevent misuse.
Sacks also believes that the bill could have global implications. He explained that people in other countries might start using U.S. digital dollars instead of their own local currencies, and in turn, increase global demand for U.S. Treasuries.
Sacks’ endorsement adds more momentum to the Genius Act, which is already gaining strong support across the industry and among lawmakers, including US President Donald Trump.
“It is pure Genius:” Trump on stablecoin bill
In a June 19 post on his Truth Social account, U.S. President Donald Trump praised the Genius Act, calling it a major step toward making the U.S. a global leader in digital assets.
Trump praised the bill for promoting innovation, attracting investment, and positioning America at the forefront of the digital finance sector.
The president also called on the House to pass it quickly, without delays or extra changes, and send it to his desk as soon as possible.
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