Bessent says stablecoins will strengthen dollar dominance as US seeks crypto hub role

US Treasury Secretary Scott Bessent said stablecoins could reinforce dollar dominance as the administration seeks to bring the cryptocurrency industry under US regulation. Dollar-backed stablecoins are set to play an important role in payments and money transfers, he said, linking their expansion to a broader effort to make US oversight a global benchmark for digital assets. Speaking on The Clay Travis and Buck Sexton Show on October 23, Bessent discussed the GENIUS Act, legislation covering stablecoins. He said the Trump administration was committed to making the United States the world's digital asset capital.