Scott Bessent said that digital assets and USD stablecoins can consolidate USD's position and may increase demand for U.S. Treasury securities.
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[U.S. Treasury Secretary: Digital assets can help consolidate USD global dominance]
U.S. Treasury Secretary Scott Bessent stated at the Ripple Swell conference that digital assets can help consolidate USD's global dominance. Bessent said that, historically, the strength of the world's reserve currency came from military power, but is now increasingly shifting toward technological leadership. The United States will retain its military umbrella, but the technological umbrella is becoming increasingly important. He believes the United States will win in the digital-asset technology stack, which will continue to consolidate USD's position. Bessent stated that more than 90%of stablecoins are backed by USD, and issuers often hold U.S. Treasury securities as reserves. As adoption grows, demand for such assets may rise, becoming a new source of financing for the federal government. He believes stablecoins will open new global markets rather than merely replace existing USD. Regarding the failure of the Clarity Act to pass, Bessent said this was disappointing, but the Treasury Department could work with SEC and CFTC to advance regulation through agency action. He also said that regulatory best practices and guardrails could prevent crypto companies from being debanked.
Key points
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U.S. Treasury Secretary Scott Bessent stated at the Ripple Swell conference that digital assets can help consolidate USD's global dominance.
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Bessent said that the strength of the world's reserve currency is increasingly shifting toward technological leadership.
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Bessent stated that more than 90%of stablecoins are backed by USD, and issuers often hold U.S. Treasury securities as reserves.
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Bessent believes that as adoption grows, demand for related assets may rise and become a new source of financing for the federal government.
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Bessent said that the failure of the Clarity Act to pass was disappointing, but the Treasury Department could work with SEC and CFTC to advance regulation through agency action.
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Bessent stated that regulatory best practices and guardrails could prevent crypto companies from being debanked.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The core of this news is: Bessent believes that if more people use stablecoins backed by USD, issuers may need to hold more USD assets and U.S. Treasury securities, thereby supporting USD's global position. He also stated that even if the Clarity Act does not pass, relevant agencies can still take regulatory action. The above content is all his view or judgment and does not mean the outcome has already occurred.
Why it matters to readers
The related remarks concern USD stablecoins, demand for U.S. Treasury securities, and the direction of crypto-industry regulation, and may affect market expectations for the digital-asset policy environment.
Beginners should distinguish between officials' remarks and implemented policy: supportive views do not mean that legislation has already passed or regulatory measures have already been implemented, nor do they mean that stablecoin adoption or demand for U.S. Treasury securities will necessarily grow.
Risks and unknowns
The evidence does not provide the original conference speech or official records; the related remarks and the data point of “more than 90%” still require verification.
The Treasury Department,SEC and CFTC have not made clear what specific actions they will take.
Whether stablecoin adoption will grow and whether it will become a new source of financing for the federal government remain uncertain.
Whether stablecoin issuers will continue to use U.S. Treasury securities as reserves in the future remains uncertain.
Related Developments
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The evidence does not explain the Clarity Act's subsequent progress.
Related concepts
Stablecoin
An asset that seeks to track a reference value and is subject to risks including depegging, reserves, and redemption.
