The U.S. Should Lead on Stablecoins Stablecoins are to finance what broadband was to the web: the substrate for something much larger. They represent one of the most tangible use cases for crypto—a digital dollar that moves at the speed of the internet, backed by real-world assets like U.S. dollars and Treasury bonds. What began as tools for crypto trading are now rapidly evolving into a foundational layer for global payments. Stablecoins enable seamless global payment systems that truly meet the needs of a global economy. From major fintechs and traditional financial institutions to multinational enterprises, stablecoins are being used for remittances, merchant payouts, treasury management, and B2B flows, unlocking speed, interoperability, and transparency in ways legacy systems cannot. They are quickly becoming core financial infrastructure. Citibank recently released a report projecting that stablecoin circulation could grow from approximately $230 billion today to $1.6 trillion (base case) or $3.7 trillion (bull case) by 2030. Citi also estimates that stablecoin issuers could drive more than $1 trillion in net new purchases of U.S. Treasuries by 2030—potentially surpassing any single foreign country as holders of U.S. government debt. The financial implications of this shift are massive. New research from the Bank for International Settlements (BIS) found that stablecoin flows compress short-term Treasury bill yields, producing effects similar to small-scale quantitative easing, ultimately helping reduce the national debt at a time when it is otherwise soaring. There are also national security implications, given that the current largest holders of U.S. debt are foreign countries with complex geopolitical relationships. Stablecoins are digital dollars, core payments infrastructure, and increasingly, monetary instruments with global policy relevance. As SEC Commissioner Mark Uyeda emphasized this week, tokenized assets offer “greater efficiencies in settlement, recordkeeping, and compliance.” Regulatory frameworks should evolve to embrace these capabilities, not resist them. Legislation like the GENIUS Act and the STABLE Act provides the regulatory scaffolding for stablecoin issuance in the U.S., including provisions for audits, 1:1 reserves, and state/federal oversight. This doesn’t just unlock safer onchain activity for existing crypto users; it creates an entirely new avenue for institutional use cases and helps preserve America’s economic leadership in the global financial system. Tokenization won’t stop at money. The next wave will bring real-world assets (RWAs)—from equities and bonds to funds and private credit—onchain. Stablecoins have demonstrated the playbook: start with simple, high-velocity use cases, build trust through scale, then extend the architecture to more complex assets. We are rebuilding the financial system for a digital age from the ground up. This Administration, along with several federal courts, has acknowledged that reality. It’s time for leaders on both sides of the aisle in Congress to do the same.