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. “I think we’ll see banks getting into the act, I think we’ll see traditional financial players getting involved in it, and that’s why the float is expected to grow from roughly 250 billion to trillions of dollars,” he added. 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. You might also like: Crypto czar David Sacks to outline U.S. digital policy agenda 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. “The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets — Nobody will do it better, it is pure GENIUS!” Trump wrote. 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. Read more: U.S. Senate passes landmark Genius Act, aiming to bring clarity in stablecoin regulation