U.S. Treasury Secretary Bessent says U.S. will win in digital asset race, stablecoins key to dollar dominance

U.S. Treasury Secretary Scott Bessent stated at Ripple's Swell conference that American leadership in digital assets could reinforce the dollar's global position, arguing that financial rails chosen by countries will shape dollar reach. He grouped digital assets with AI and semiconductors as areas where the U.S. and China compete for dominant infrastructure, and suggested stablecoins could give people in high-inflation countries easier access to dollars. CoinGecko data shows dollar-denominated stablecoins account for over 98% of supply, with Tether's USDT and Circle's USDC as the largest. Bessent previously projected stablecoins could generate $2 trillion in short-term demand for Treasury debt, depending on supply growth and reserve rules.