Stablecoins, a form of cryptocurrency, may significantly increase the dollar's influence in digital finance and support its global domination.
Impact of Stablecoins on the Dollar
Treasury Secretary Scott Bessent stated that stablecoins could strengthen US dollar 'supremacy.' He argues that cryptocurrencies are not a threat to the dollar, but rather an important phenomenon long ignored by national governments.
USA as a Leader in Digital Assets
US President Donald Trump urged Congress to quickly approve the Guiding and Establishing National Innovation for USDC Act, which has the potential to link the digital dollar strengthening to traditional financial dominance.
Economic Power and Stablecoins
Stablecoins could profoundly alter the global financial landscape. Increased demand for reserve currencies and the ability to enable more efficient cross-border transactions contribute to reinforcing the dollar's position as the primary reserve currency.
Stablecoins may serve as a tool to support the dollar and promote innovations in digital assets, enhancing the economic influence of the USA in the world.
