Stablecoins Can Strengthen Dollar Dominance, Says U.S. Treasury Secretary Bessent

On Wednesday, U.S. Treasury Secretary Scott Bessent said that stablecoins will solidify the U.S. dollar’s dominance globally as President Donald Trump urged Congress to fast-track landmark GENIUS legislation.

“Stablecoins could reinforce dollar supremacy because stablecoins could end up being one of the largest buyers of U.S. Treasurys or T-bills,” Bessent said on X. “There’s a very good chance crypto is actually one of the things that locks in dollar supremacy.”

Bessent pushed back against skeptics who deem crypto a threat to the US dollar, emphasizing that digital assets are “one of the most important phenomena in the world right now” that have been “ignored by national governments for far too long.”

The comments come a day after the crypto industry scored a major win when the US Senate passed a landmark bill laying the groundwork for regulated, dollar-backed stablecoins. The House must now decide whether to take up the Senate’s bill or support its own version, before the GENIUS Act can get the President’s signature.

In a Truth Social post, President Trump said the bill would make the U.S. the “undisputed 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,” he wrote. “Digital Assets are the future, and our Nation is going to own it.”

Either way, President Trump, who is keen to move pro-crypto legislation along, has urged House lawmakers to quickly pass the stablecoin bill.

With major Wall Street behemoths like JPMorgan Chase, Apple, Bank of America, Walmart, and Amazon poised to foray into the stablecoin market, prominent voices, including Bessent, foresee the US dollar-backed stablecoin market growing into the trillions of dollars. 

The Treasury Secretary recently predicted that the stablecoin market could hit $3.7 trillion by the end of the decade.