Scott Bessent champions dollar dominance across global markets and stablecoins
Bessent pushed back against a bearish assessment of the U.S. economy highlighting strong growth, foreign demand for American assets and continued dollar dominance.
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Summary
- Treasury Secretary Scott Bessent defended the U.S. economy by citing the dollar’s role in 89.2 percent of foreign-exchange transactions, the prevalence of dollar-pegged stablecoins and strong income, employment and growth data.
- Bessent said Treasury bond buybacks were intended to improve market liquidity and manage debt maturities, rejecting claims that they sought to suppress yields as the 10-year yield reached 5 percent.
- Bessent portrayed Saudi Arabia’s exit from the China-backed mBridge digital currency platform as a victory for dollar dominance, though the kingdom said it had merely completed a planned trial and the project continues elsewhere.
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As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
