Scott Bessent, the US Treasury Secretary, said on October 27, 2026 at Ripple’s Swell conference that the country would win the competition in digital assets and emerge with a stronger dollar. He framed dollar-backed stablecoins as a strategic tool in the contest with China, noting that more than 90% of stablecoins in circulation are pegged to the US currency. Because issuers hold reserves in US Treasuries and other dollar assets, each newly minted stablecoin creates an additional buyer of government debt and could increase demand for Treasuries. Following the Office of the Comptroller of the Currency’s finalization of rules implementing the GENIUS Act, Bessent compared the law with Abraham Lincoln’s National Currency Act of 1863 and urged the Treasury, the SEC and the CFTC to cooperate to close regulatory gaps and prevent the debanking of digital asset companies.
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