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Goldman Sachs Sees Trillion-Dollar Stablecoin Market as U.S. Treasury Eyes Increased Demand for Government Debt

Government and institutional interest in stablecoins signals a potential surge in the market for U.S. Treasuries, driven by digital currency reserves.

August 20, 2025

Goldman Sachs says we’re on the verge of a stablecoin gold rush worth trillions

• Goldman Sachs forecasts a multi-trillion dollar market for stablecoins.

• U.S. Treasury Secretary Scott Bessent anticipates that the demand for stablecoins will increase the demand for U.S. Treasuries.

• The growth of stablecoins could lead to the U.S. government issuing more short-term debt.

Goldman Sachs has projected a multi-trillion dollar potential for the stablecoin market, a forecast that aligns with the U.S. Treasury's optimistic view on the role of digital currencies in the financial system. U.S. Treasury Secretary Scott Bessent has indicated that the growing demand for stablecoins, which are often backed by U.S. Treasuries, will likely lead to an increase in the issuance of short-term government debt to meet this demand. This symbiotic relationship between stablecoins and U.S. debt could have significant implications for the U.S. dollar's role in the global economy. The increasing institutional adoption of stablecoins, as highlighted by Goldman Sachs, suggests a new era of digital finance that could reshape the landscape of traditional financial markets. The growth of stablecoins could also bolster the stability of the U.S. Treasury market by creating a consistent and growing source of demand.

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