The United States Will Rely On Stablecoins To Strengthen The Dollar's Hegemony

Scott Bessent, the U.S. Treasury Secretary, announced yesterday at the White House crypto summit that Washington plans to use stablecoins to consolidate the dollar’s position as the dominant reserve currency.

The crypto strategy unveiled at the White House Summit

Yesterday, at the White House crypto summit, Scott Bessent unveiled the new American direction. The Treasury Secretary clearly stated that the United States will rely on stablecoins to maintain the global dominance of the dollar.

“We will think long and hard about the stablecoin regime and, as President Trump ordered, we will maintain the U.S. dollar as the dominant reserve currency in the world and we will use stablecoins to achieve that.“

This announcement is part of the radical shift in the Trump administration’s crypto policy. Bessent also promised to revisit the punitive regulatory measures previously taken by the IRS against the digital asset sector, marking a clear break from the Biden administration’s approach.

President Trump himself set an ambitious timeline, wishing for a comprehensive stablecoin regulation bill to be submitted for his signature before the August parliamentary recess. He also criticized the premature selling of bitcoin by the previous administration, arguing that it led to losses of several billion.

Stablecoins as a strategic instrument for the U.S. dollar

U.S. officials now view over-collateralized stablecoins, backed by Treasury bonds and dollar deposits, as a strategic tool to bolster the dollar’s dominant position. These digital tokens stimulate demand for U.S. debt instruments and could further consolidate Washington’s financial influence in global markets.

Christopher Waller, a governor of the Federal Reserve, shares this vision. As early as February 2025, he claimed that stablecoins could help preserve the dollar’s status as the world reserve currency, notably by circumventing capital controls in certain countries and improving payment infrastructures.

To realize this vision, Representatives French Hill and Bryan Steil introduced the “Stable Act of 2025,” a bill aimed at establishing a comprehensive regulatory framework for digital tokens pegged to the dollar. This legislative initiative directly aligns with the objective of defending the dollar’s hegemony through financial innovation.

In summary, this historic summit, which brought together more than 20 leaders of the crypto industry, including Brian Armstrong (Coinbase) and Michael Saylor (Strategy), marks a decisive turning point in the U.S. strategy on digital assets, positioning stablecoins as a pillar of U.S. financial dominance.