Treasury Secretary Bessent Says Stablecoins Can Bolster US Dollar ’Supremacy’

Treasury Secretary Scott Bessent has positioned stablecoins as a tool to reinforce the dominance of the U.S. dollar, countering critics who view cryptocurrencies as a threat. "Crypto is not a threat to the dollar," Bessent asserted, calling digital assets one of the most significant global phenomena neglected by governments for too long.

The push comes as former President TRUMP urges Congress to fast-track the GENIUS Act, following its Senate approval—a reversal from last month's procedural failure. That earlier setback stemmed from Democratic concerns over national security provisions and perceived conflicts of interest tied to the Trump family.

Industry leaders cautiously welcomed the legislative momentum but warned that political infighting could erode trust in the bill. The debate underscores the growing institutional recognition of crypto's role in financial systems, even as regulatory clarity remains fragmented.