On November 12, Treasury Secretary Scott Bessent spoke at a treasury conference, characterizing the U.S. Treasury market as robust, liquid, and the best-performing developed bond market in 2025. Bessent cited the rapid growth of the stablecoin market, now valued at around $300 billion, and projected it could expand “tenfold” by the end of the decade, becoming a major source of new demand for Treasury securities. Bessent indicated that the Treasury had been closely monitoring this trend and would adjust issuance strategies as needed to accommodate evolving investor demand, describing the use of Treasury bills as a “shock absorber” to manage short-term and unexpected borrowing needs.

Bessent also outlined initiatives to strengthen market liquidity and resilience, including the expansion of the Treasury buyback program, support for reforms to the enhanced supplementary leverage ratio, and backing the SEC’s efforts to expand central clearing in the Treasury market. He reaffirmed the department’s commitment to a “Regular and Predictable” issuance framework to promote transparency, limit rollover risk, and provide reliable benchmarks for global markets.