# Bessent says stablecoins will strengthen dollar dominance as US seeks crypto hub role

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/39782
Published: 2026-10-24T08:20:35.000Z
Updated: 2026-10-24T08:20:35.000Z
Section: Regulation

> Bessent said dollar-backed stablecoins could strengthen US currency dominance and help establish US regulation as a global benchmark for crypto.

US Treasury Secretary Scott Bessent said stablecoins could reinforce dollar dominance as the administration seeks to bring the cryptocurrency industry under US regulation.

Dollar-backed stablecoins are set to play an important role in payments and money transfers, he said, linking their expansion to a broader effort to make US oversight a global benchmark for digital assets.

Speaking on The Clay Travis and Buck Sexton Show on October 23, Bessent discussed the GENIUS Act, legislation covering stablecoins. He said the Trump administration was committed to making the United States the world's digital asset capital.

Bessent pointed to the dollar backing of most stablecoins as the basis for his view that they would strengthen the currency's dominance. He said US stablecoins, along with their regulatory framework, could become the standard against which others are assessed.

He presented US regulation as central to attracting the industry. Bessent argued that problems in cryptocurrency arise offshore and said the administration was applying US best practices while bringing businesses into the country. He said that approach would encourage the rest of the world to follow US standards.

Bessent also criticized the Biden administration, saying its policies had brought the digital asset industry close to extinction. He cited Wells notices, the loss of access to bank accounts and pressure on venture capital investors and companies.

He described the GENIUS Act as a first step toward establishing the United States as a leading cryptocurrency destination, tying the development of dollar-backed stablecoins to a wider international role for US regulatory standards.