3 months ago
President Trump and Scott Bessent some called for a broad regulatory model connected stablecoins and a wide regulatory environment.
United States Treasury Secretary Scott Bessent said the US authorities volition usage stablecoins to guarantee that the US dollar remains the world’s planetary reserve currency during the White House Crypto Summit connected March 7.
Bessent reiterated the Trump administration’s committedness to end the warfare connected crypto and committed to rolling backmost erstwhile IRS guidance and punitive regulatory measures. Bessent past turned his attraction to stablecoins and said:
"We are going to enactment a batch of thought into the stablecoin regime, and arsenic President Trump has directed, we are going to support the US [dollar] the ascendant reserve currency successful the world, and we volition usage stablecoins to bash that."President Trump told the acme that helium hopes lawmakers volition get a broad stablecoin regulatory measure to his table earlier the August Congressional recess.
President Trump delivers code to White House Crypto Summit. Source: The Associated Press
The President was besides captious of the Biden medication for selling portions of the seized Bitcoin (BTC), which helium said amounted to billions successful losses done premature selling.
Many of the attendees of the archetypal White House Crypto Summit remarked connected the historical quality of the event, which cements a seismic displacement successful the US government’s stance toward the integer plus industry.
Attendees of the White House Crypto Summit. Source: The Associated Press
Related: Trump’s crypto acme ‘not going to person thing connected taxes’ — White House official
Stablecoins arsenic a mode to widen US dollar hegemony
Overcollateralized stablecoins, which usage short-term US Treasury bills and currency deposits to backmost their integer fiat tokens and frankincense thrust request for US indebtedness instruments, person been pitched arsenic a mode to extend US dollar dominance.
Federal Reserve Governor Christopher Waller besides voiced enactment for using stablecoins to prop up the dollar successful February 2024.
Waller argued that the corrosive effect of cryptocurrencies connected the marketplace stock of the US dollar would beryllium mitigated by stablecoin demand.
Treasury Secretary Scott Bessent says stablecoins volition guarantee US dollar hegemony astatine the White House Crypto Summit. Source: The Associated Press
In February 2025, Waller reiterated his stance that stablecoins could assistance sphere the dollar's presumption arsenic the planetary reserve currency by overcoming superior controls successful overseas countries and enhancing outgo rails.
As portion of this effort to leverage stablecoins to support the US dollar, US representatives French Hill and Bryan Steil introduced a stablecoin bill titled the Stable Act of 2025 to found a broad regulatory model for dollar-pegged integer fiat tokens.
Magazine: Unstablecoins: Depegging, slope runs and different risks loom
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