Bessent says the US will win in digital assets and strengthen the dollar

US Treasury Secretary Scott Bessent has a new pitch for keeping the dollar on top: stablecoins. Speaking at Ripple’s Swell conference on October 27, 2026, he said the United States will win in digital assets and come out with a stronger dollar. Bessent cast the competition for global financial dominance as a technology race, with China as the main rival. In his telling, the infrastructure behind the dollar will matter as much as the military power that has historically backed it. His central data point was that over 90% of stablecoins in circulation are pegged to the dollar. Stablecoins are crypto tokens designed to hold a steady value, typically one dollar each. To keep that peg credible, issuers park reserves in US Treasuries and other dollar assets. Every new stablecoin minted, in effect, creates a buyer for government debt. Bessent argued that this dynamic could lift demand for Treasuries. He also said stablecoins could widen access to dollars in emerging markets struggling with inflation. He went further, describing the GENIUS Act as an important funding source for the Treasury. The GENIUS Act and the Lincoln comparison The remarks follow a regulatory milestone. The Office of ...