Treasury Secretary Scott Bessent said on Tuesday that digital assets could strengthen the dollar’s global position by extending America’s technological influence across financial systems.
Digital Assets as Key to US Economic Leadership, Says Bessent
Bessent made the remarks at Ripple’s (CRYPTO: XRP) Swell conference, appearing alongside CEO Brad Garlinghouse, according to CoinDesk.
He argued reserve-currency power once rested primarily on “military strength,” but is now shifting toward technological leadership, including AI, semiconductors and digital financial infrastructure.
Bessent said stablecoins could strengthen the dollar’s global role by making U.S. currency more accessible in countries where local currencies suffer from inflation or volatile exchange rates.
More than 98% of stablecoins in circulation today are denominated in U.S. dollars, according to CoinGecko, with Tether (CRYPTO: USDT) and USDC (CRYPTO: USDC) as the two largest players.
“I think that digital assets are going to be no different, and we are going to win in the digital asset stack, and that’s gonna continue to fortify the dollar,” Bessent was quoted as saying.
GENIUS Act Advances
Bessent’s remarks come after the Office of the Comptroller of the Currency finalized a rule to implement the GENIUS Act, establishing regulatory requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers. The stablecoin legislation was passed into law in July of last year.
Bessent predicted last year that stablecoins could generate $2 trillion in demand for U.S. treasuries and treasury bills in the short term.
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