COINDESK · 2026-10-27 20:41 UTC

Treasury's Bessent sees crypto as America's next tool for keeping the U.S. dollar on top

Treasury Secretary Scott Bessent said digital assets and crypto could strengthen the U.S. dollar's global dominance as technology becomes increasingly important to American economic influence. Bessent argued stablecoins could expand access to U.S. currency in emerging markets and become an important funding source for the Treasury, with over 90% of stablecoins backed by U.S. dollars. The administration secured passage of the GENIUS Act establishing a federal framework for stablecoins, though Congress failed to pass the broader Clarity Act for crypto industry regulation.

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