US Treasury Secretary: Stablecoins Will Preserve the Dollar,s Global Dominance

US Treasury Secretary: Stablecoins Will Preserve the Dollar's Global Dominance

US Treasury Secretary Scott Bessent announced at the White House Crypto Summit that the US government will use stablecoins to preserve the dollar's position as the global reserve currency.

"We are working on the rules for stablecoins, and as President Trump has ordered, we will maintain the US dollar as the world's dominant reserve currency, and we will use stablecoins to do that," Besant said at the meeting.

The Trump administration has pledged to end the war on cryptocurrencies and rescind previous Internal Revenue Service (IRS) guidelines. Trump has urged lawmakers to submit a comprehensive stablecoin regulation bill to him before Congress’s August recess. He has also criticized the Biden administration for prematurely selling off seized bitcoin.