US Treasury Secretary Scott Bessent said at the Ripple Swell conference that digital assets can help strengthen the US dollar’s position as the world’s dominant currency, according to CoinDesk. Bessent said the foundation of reserve-currency power has historically come from military strength, but is shifting toward technological leadership, with the US aiming to win across the digital-asset technology stack. He also said more than 90% of stablecoins are backed by the dollar and that issuers often hold US Treasurys as reserves, which could lift demand for those assets as adoption grows and create a new source of federal financing. Bessent added that stablecoins can open new global markets rather than simply replace existing dollars. On regulation, he said it was disappointing that the Clarity Act did not pass, but the Treasury Department can still work with the Securities and Exchange Commission and the Commodity Futures Trading Commission to move regulation forward through agency action. He also said regulatory best practices and guardrails can help prevent crypto firms from being debanked.
US Treasury Secretary Scott Bessent said at the Ripple Swell conference that digital assets can help reinforce the dollar’s global dominance, according to CoinDesk.
Bessent said the strength of the world’s reserve currency has historically been rooted in military power, but that foundation is increasingly shifting toward technological leadership. The US will keep its military umbrella in place, he said, while the importance of a technological umbrella continues to grow. In his view, the US will win across the digital-asset technology stack, helping sustain the dollar’s position.
Stablecoins and demand for US assets
Bessent said more than 90% of stablecoins are backed by the US dollar, and issuers often hold US Treasurys as reserves. As adoption expands, demand for those assets could rise and become a new source of financing for the federal government.
He also said stablecoins would open new global markets rather than only replacing dollars already in circulation.
Regulatory path after the Clarity Act setback
Speaking about the failure of the Clarity Act to pass, Bessent said the outcome was disappointing. He added that the Treasury Department can still work with the US Securities and Exchange Commission, or SEC, and the Commodity Futures Trading Commission, or CFTC, to advance regulation through agency action.
He also said regulatory best practices and guardrails could help prevent crypto firms from being debanked.
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