US Treasury Secretary Scott Bessent stated at Ripple’s Swell conference that global reserve currency dominance is shifting from a military…
US Treasury Secretary Scott Bessent stated at Ripple’s Swell conference that global reserve currency dominance is shifting from a military umbrella to a "technology umbrella," positioning US leadership in digital assets as a critical tool to reinforce the dollar’s global standing; noting that over 90% of stablecoins are dollar‑backed and heavily collateralized by US Treasuries.
Bessent highlighted that stablecoin expansion in emerging markets directly drives demand for government debt and serves as an important funding source for the Treasury; addressing Congress’s failure to pass the Clarity Act, Bessent pledged to leverage Treasury’s convening power alongside the SEC and CFTC to advance administrative rulemaking and establish regulatory guardrails to prevent the recurrence of crypto debanking.