Bessent: U.S. Can Win the 'Digital Asset Stack' and Reinforce the Dollar's Global Role

U.S. Treasury Secretary Scott Bessent said digital assets could help preserve the dollar's position as the leading global currency. He made the comments on Tuesday at Ripple's Swell conference, in a conversation with Ripple CEO Brad Garlinghouse.

Bessent argued that reserve currencies have historically drawn their strength from military power, but that the source is increasingly moving toward technology. "We will keep our military umbrella, but I think more and more it's becoming a technology umbrella," he said. He pointed to a widening split between American and Chinese technology ecosystems, in which countries and companies must choose whose artificial intelligence and semiconductor technology to adopt. In his view, digital assets are part of the same contest, and the financial infrastructure nations choose will affect how far the dollar reaches. "We are going to win in the digital asset stack," he said.

The remarks give a wider rationale for the Trump administration's effort to bring crypto businesses onshore. The administration has already secured passage of the GENIUS Act, which created a federal framework for stablecoins. Bessent said stablecoins can extend access to dollars in countries where local currencies suffer from inflation or sharp swings in value. He said more than 90% of stablecoins are backed by U.S. dollars and that issuers often hold U.S. government securities as reserves. As adoption grows, demand for those securities could rise, which he described as an important source of funding for the Treasury.

He rejected the idea that stablecoins would simply replace dollars people already hold, saying they could reach new users in emerging markets who want to shield their savings from devaluation.

The administration's broader regulatory agenda has hit a snag, however, because Congress failed to pass the Clarity Act, which would have set up a federal framework for the crypto industry. Bessent called that a disappointment but said Treasury could use its convening powers to work with agencies such as the SEC and the CFTC, which he called great partners. He suggested the resulting framework could serve as a model for other countries. Rules adopted by regulators would, however, lack the permanence of legislation.

Bessent also addressed industry concerns about debanking, where financial institutions cut off services to crypto businesses, sometimes allegedly under regulatory pressure. He said the Clarity Act would have helped prevent a repeat, but that regulatory best practices and guardrails could still provide protection.