19-6-2025 – US Treasury Secretary Scott Bessent has championed stablecoins as a cornerstone for reinforcing the global dominance of the American dollar. Speaking on Wednesday, Bessent dismissed fears that cryptocurrencies pose a threat to the US currency, instead heralding them as a transformative force in global finance. “Digital assets are among the most significant developments of our time,” he declared on Twitter, criticising governments worldwide for their sluggish response to this financial revolution.
Bessent’s remarks align with President Donald Trump’s urgent call for Congress to swiftly enact the GENIUS Act, a legislative framework designed to regulate the issuance and trading of stablecoins—digital tokens typically tethered to the value of the US dollar. The Senate’s approval of the Act on Tuesday marked a significant step forward, overturning last month’s setback when pro-crypto Democrats derailed the bill over concerns about national security and potential conflicts of interest linked to the Trump family. Bessent had previously lambasted that defeat, warning that inaction risked driving innovation abroad. “The world is watching,” he said, urging lawmakers to seize leadership or lose ground to global competitors.
The Treasury Secretary painted an optimistic vision for stablecoins, suggesting they could become major investors in US treasuries or T-bills. In an interview with the New York Post, he illustrated their potential: a Nigerian user could transact seamlessly with a dollar-backed stablecoin without ever handling physical currency. Far from undermining the dollar, Bessent argued, cryptocurrencies could cement its supremacy—a stark contrast to the Biden administration’s earlier efforts to stifle the sector.
Industry voices echoed cautious optimism. Ira Auerbach, Head of Tandem at Offchain Labs, said that stablecoins demand distinct regulation from speculative digital assets like memecoins. “The political rift over crypto is forcing markets to operate on guesswork,” he said, calling for clear rules to support an industry expanding at a relentless pace. Yet, concerns linger. Alexander Urbelis, General Counsel at ENS Labs, warned that the GENIUS Act’s perceived ties to Trump family interests could undermine public confidence in the legislative process. In an age of rampant misinformation, he cautioned, unfounded fears about dollar mismanagement could spiral into global consequences.
