Treasury's Bessent sees crypto as America's next tool for keeping the U.S. dollar on top

His remarks offered a broader rationale for the administration of President Donald Trump’s push to bring crypto businesses onshore, framing digital assets not just as a financial market but as part of the infrastructure that could sustain U.S. economic influence. The administration has already secured passage of the GENIUS Act, which established a federal regulatory framework for stablecoins, cryptocurrencies designed to maintain a fixed value against fiat currencies like the U.S. dollar.

Bessent argued that stablecoins could reinforce the dollar's position by expanding access to U.S. currency in countries where local currencies face inflation or sharp swings in value.

More than 90% of stablecoins are backed by U.S. dollars, he said, and their issuers often hold U.S. government securities as reserves. As adoption grows, demand for those assets could rise, creating another source of financing for the federal government.

"I think it's gonna be an important source of funding for the Treasury," Bessent said.

‘Opening new markets’

Bessent pushed back against the idea that stablecoins would merely replace dollars people already hold, arguing that they could reach new users in emerging markets who want to protect their savings from currency devaluation.

"I think we are opening up new markets all around the world," he said.