Bessent: Stablecoins Could Expand Dollar’s Global Reach

Treasury Secretary Scott Bessent said digital assets and dollar-backed stablecoins could expand the dollar’s global role by extending U.S. technology across financial systems.

Bessent addressed the issue at Ripple’s XRP Swell conference, where he appeared with CEO Brad Garlinghouse. He described a shift in the sources of reserve-currency power, from military strength toward technology in areas such as artificial intelligence, semiconductors and digital financial infrastructure.

Stablecoins could make dollars more accessible in countries where inflation and volatile exchange rates weaken local currencies, according to Bessent. More than 98% of stablecoins in circulation are denominated in U.S. dollars, with Tether’s USDT and Circle’s USDC among the largest, according to CoinGecko data.

“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 said.

His remarks followed the Office of the Comptroller of the Currency’s finalized rule for implementing the GENIUS Act. The rule establishes requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers. The legislation became law in July last year.

Bessent previously estimated that stablecoins could generate as much as $2 trillion in short-term demand for U.S. Treasury securities and Treasury bills.

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