The US Secretary of the United States, Scott Payet, said that the US government will use Stablecoins to ensure that the US dollar is still the world reserve currency in the world during the Crypto summit at the White House on March 7.
BESSENT repeated the Trump administration’s promise to end the war on encryption and commitment to the decline in the directives of the previous tax department and punitive regulatory measures. Then Bessent turned his attention to Stablecoins and said:
“We will put a lot of thinking about the Stablecoin system, and as President Trump directed, we will keep the United States [dollar] The dominant backup in the world, we will use Stablecoins to do so. “
President Trump told the summit that he hoped that the legislators would obtain a comprehensive regulatory bill for his office to his office before the Congress vacation in August.
President Trump delivers a letter to the White House encryption summit. source: Associated Press
The president was also criticizing the Biden administration to sell parts of bitcoin seized (BTC), which said billions of losses through early sale.
Many of those present at the top of the first White House encrypted on the historical nature of this event, which enhances a seismic shift in the position of the United States government towards the digital asset industry.
Those present from the top of the White House encryption. source: Associated Press
Related to: Trump’s encryption summit “will not have anything on taxes” – White House official
Stablecoins as a way to extend the dominance of the US dollar
The awareness of stability, which use short -term US cabinet bills and cash deposits to support their digital codes and thus pay the demand for American debt tools, has been a way to expand the dominance of the US dollar.
The ruler of the Federal Reserve, Christopher Waller, also expressed his support for the use of Stablecoins to support the dollar in February 2024.
Waller has argued that the erosion effect of cryptocurrencies on the market share of the US dollar will be diluted by Stablecoin demand.
Treasury Secretary Scott Bessin says Stablecoins will ensure the dominance of the US dollar at the White House encryption summit. source: Associated Press
In February 2025, Waller reiterated his position that Stablecoins could help maintain a dollar status as a global reserve currency by overcoming capital controls in foreign countries and promoting payment bars.
As part of this effort to take advantage of Stablecoins to defend the US dollar, US representatives FRNCH Hill and Bryan Steil have presented the Stablecoin Law entitled a stable law for 2025 to create a comprehensive regulatory framework for digital digital codes with a dollar.
magazine: UNSTABLECOINS: DefeGGING, runs the bank and other risks looming on the horizon
Related Articles
