U.S. Treasury Secretary Scott Bessent (스콧 베선트) has described cryptocurrencies and digital assets as strategic technologies for maintaining the dollar’s status as a reserve currency. He argued that the United States should secure leadership in digital financial infrastructure, following AI and semiconductors.
On Oct. 28 local time, CoinPost reported that Bessent said in a Swell event dialogue on Oct. 27 with Ripple CEO Brad Garlinghouse (브래드 갈링하우스) that “competition in digital asset technology could determine the dollar’s international influence.”
Bessent said that while the influence of reserve currencies in the past was largely based on military power, the importance of technological strength is now growing. He added that while a military security umbrella would be maintained, it is increasingly shifting to a technological one.
He also mentioned the technology competition between the United States and China. Just as countries choose between U.S. and Chinese technology in AI and semiconductors, he said decisions about which financial infrastructure to adopt in digital assets could affect the dollar’s influence.
He singled out stablecoins linked to the value of the dollar as a key tool. He said dollar-based digital assets could create new demand in countries where the value of local currencies is unstable.
Bessent said more than 90 percent of all stablecoins are based on the U.S. dollar, and many issuers hold U.S. Treasuries as reserve assets. He forecast that an expanding stablecoin market would increase both dollar use and demand for U.S. Treasuries, helping the Treasury raise funds.
The remarks align with the Trump administration’s policy to foster the cryptocurrency industry. The United States enacted the GENIUS Act in July last year, establishing a federal regulatory framework for stablecoins. The law requires issuers to fully back stablecoins with liquid assets, including dollars and short-term U.S. Treasuries.
Bessent also said at the time that stablecoins would strengthen the dollar’s reserve-currency status and increase demand for U.S. Treasuries. But he said the actual increase in Treasury demand and any expansion of the dollar’s influence could vary depending on future market conditions.