Treasury Secretary Bessent says crypto can reinforce U.S. dollar dominance

Treasury Secretary Scott Bessent stated at Ripple's Swell conference that digital assets could strengthen the U.S. dollar's global dominance as technological leadership increasingly drives economic influence. He argued the Trump administration's passage of the GENIUS Act, which establishes federal rules for stablecoins, expands demand for U.S. dollars and Treasury debt. Bessent noted over 90% of stablecoins are backed by U.S. dollars and hold government securities, saying their growth could become an important source of funding for the Treasury.