U.S. Treasury Secretary Scott Bessent said the US government will use Stablecoins to ensure that the US dollar remains global reserve currency in the world at the White House Crypto Summit on March 7.
Bessent has announced the promise of the Trump administration End the war in crypto and focus on the previous IRS guidance and regulatory measures. Then Bescent turned his attention to the stablecoins and said:
“We will put a lot of thoughts on the Stablecoin regime, and as President Trump taught, we keep the US (dollar) the dominant currency reserve in the world, and we will use Stablecoins to do that.”
President Trump told the Summit that he hoped lawmakers would get a comprehensive Stablecoin regulation on his desk before the August of Congress.
President Trump delivers an address to the White House Crypto Summit. Source: The Associated Press
The President is also critical of the Biden administration for the sale of components of the seized bitcoin (Btc), which he said was worth billions of losses through premature sale.
Many of the attendees of the first White House Crypto Summit have said the historic nature of the event, which is a seismic shift in the US government’s stance towards the digital asset industry.
Attending the White House Crypto Summit. Source: The Associated Press
Related: Trump’s Crypto Summit that ‘will not have anything in the tax’ – White House officer
Stablecoins as a way to expand US dollar hegemony
Overcollateralized Stablecoins, which uses short-term US treasury bills and cash deposits to back their digital fiat tokens and thus drive demand for US debt instruments, is mounted as a way to Expand the dominance of the US dollar.
Federal Reserve Governor Christopher Waller also expressed support for Using stablecoins to promote dollar In February 2024.
Waller argued that the small -way impact of cryptocurrencies on the US dollar market sharing the stablecoin demand.
Treasury secretary Scott Bescent said Stablecoins will ensure US dollar hegemony at the White House Crypto Summit. Source: The Associated Press
In February 2025, Waller reiterated his stance that Stablecoins could help enhancement of payment railroads.
As part of this effort to use Stablecoins to defend the US dollar, US representatives are French Hill and Bryan Steil Introduced a stablecoin bill Titled The Stable Act of 2025 to establish a comprehensive regulatory framework for dollars digital Fiat token.
