Bessent: dollar-denominated stablecoins vehicle for strengthening its role in global finance

 

“In the history of the US dollar as a reserve currency, there have been numerous passages along the way where many people assumed that the US dollar would lose reserve currency status,” Treasury Secretary Scott Bessent observed at a Senate hearing last month.


Bessent, who taught courses at Yale University including one on 20th century financial booms and busts, added that “there has always been a new mechanism that has cemented that.”

So, what might the next “new mechanism” be to sweep away that angst? 

Bessent told lawmakers last month that “stablecoin legislation could be that event for the 2020s”

https://www.bloomberg.com/news/newsletters/2025-07-03/us-stablecoins-bessent-s-hopes-for-dollar-dominance-face-pushback





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