Scott Bessent Has a New Strategy to Keep the Dollar on Top: ‘Win in the Digital Asset Stack’
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 BessentBessent made the remarks at Ripple’s 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 and 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 AdvancesBessent’s remarks come after the Office of the Comptroller of the Currency , 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 in the short term.This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Preview Photo courtesy: Shutterstock