US Treasury Secretary Scott Bessent publicly endorsed the role of stablecoins in strengthening the supremacy of the US dollar. Speaking in June 2025, Bessent emphasized that stablecoins could bolster dollar dominance rather than threaten it, countering skeptical views about cryptocurrencies undermining national currency power. He called for swift legislative action in Congress to pass the GENIUS Act, a key bill establishing federal regulations for stablecoin issuance and trading.
The Senate recently approved the GENIUS Act framework following an earlier procedural failure. President Trump advocated for accelerating the bill's passage, highlighting pro-crypto policies in his 2025 administration. Bessent warned that political gridlock and perceived conflicts, especially those linked to the Trump family's interests, could damage public trust in the process.
One of the core arguments presented by Bessent is that stablecoins backed by the dollar could become among the largest purchasers of US Treasuries, increasing demand for government debt instruments and enhancing fiscal stability. This mechanism allows users globally, such as in Nigeria, to transact using digital dollars without physically holding cash, reinforcing dollar liquidity and international influence.
Industry experts see the legislation as a catalyst for integrating crypto-assets with traditional finance, potentially pushing the stablecoin market beyond $2 trillion within three years. The regulatory clarity provided by the GENIUS Act could attract institutional players, such as major banks, fostering widespread adoption and further entrenching the US dollar's global monetary position.
While enthusiasm exists about these developments, there are ongoing concerns about political tensions and conflicts of interest related to the bill's sponsors. Legal experts caution that such issues might fuel skepticism and reduce confidence, complicating the path toward harmonized crypto regulation.
Ultimately, Bessent’s stance signifies a major shift in US crypto policy, viewing stablecoins not as a threat but as critical tools to maintain and enhance the US dollar’s supremacy in the digital age.