Treasury Secretary Bessent Says Stablecoins Can Bolster US Dollar 'Supremacy’
Treasury Secretary Scott Bessent stated that stablecoins can enhance the supremacy of the U.S. dollar, countering claims that cryptocurrency threatens currency dominance. Bessent emphasized that digital assets are significant and have been overlooked by governments. His remarks coincided with President Trump's push for the GENIUS Act, which aims to establish federal regulations for stablecoins after the Senate approved a framework. This marked a turnaround from last month when the act failed due to concerns over national security and conflicts of interest related to Trump. Bessent warned that inaction could drive digital asset innovation offshore and highlighted the potential for stablecoins to become major buyers of U.S. treasuries. Industry leaders expressed concerns about political divides affecting market stability and called for distinct legislative approaches for stablecoins versus other digital assets. There are ongoing worries about conflicts of interest tied to the Trump family potentially undermining trust in the legislative process regarding cryptocurrency.
