US Treasury Secretary Scott Bessent said the United States will win in digital assets and end up with a stronger dollar. He pointed to dollar-pegged stablecoins as the tool, and cast China as the main rival.
Speaking at Ripple's Swell conference on October 27, 2026, Bessent said the US will win in digital assets and come out with a stronger dollar. He framed the contest for global financial dominance as a technology race with China as the main rival.
Dollar-pegged stablecoins at the center
Bessent's central data point was that over 90% of stablecoins in circulation are pegged to the dollar. Issuers keep reserves in US Treasuries and other dollar assets to hold the peg, so each new stablecoin minted in effect creates a buyer for government debt.
Bessent argued this dynamic could lift demand for Treasuries. He also said stablecoins could widen access to dollars in emerging markets struggling with inflation.
GENIUS Act rules and agency cooperation
The remarks follow a regulatory step: the Office of the Comptroller of the Currency has finalized rules implementing the GENIUS Act, the federal stablecoin framework. Bessent described the law as an important funding source for the Treasury, and compared it to Abraham Lincoln's National Currency Act of 1863.
He also stressed cooperation among the Treasury, the SEC and the CFTC. As he described it, the goal is to close regulatory gaps between agencies and prevent the debanking of digital asset companies.
A wider push to make the US a crypto hub
Bessent's comments fit a wider strategy. The Trump administration has worked to position the United States as the global hub for digital assets. Part of that effort includes an executive order covering seized Bitcoin valued at $15-$20 billion.
The administration has also promoted stablecoins as a way to boost dollar liquidity and support Treasury bonds.
Source: Crypto Briefing
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