Bessent says the US will win in digital assets and strengthen the dollar

Speaking at Ripple's Swell conference, the Treasury Secretary framed dollar-backed stablecoins as a strategic tool in a contest with China US Treasury Secretary Scott Bessent has a new pitch for keeping the dollar on top: stablecoins. Speaking at Ripple ’s Swell conference on October 27, 2026, he said the United States will win in digital assets and come out with a stronger dollar. Bessent cast the competition for global financial dominance as a technology race, with China as the main rival. In his telling, the infrastructure behind the dollar will matter as much as the military power that has historically backed it. His central data point was that over 90% of stablecoins in circulation are pegged to the dollar.

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