Bessent: stablecoins will boost dollar dominance, US to become crypto hub
- —Bessent called the GENIUS Act the first step to institutionalize stablecoins
- —Most stablecoins are dollar-pegged, reinforcing the currency's dominance
- —He criticized the Biden administration for pressuring the crypto industry
- —The US aims to set a regulatory standard for other markets to follow
Why it matters: US Treasury backing for stablecoins lowers regulatory risk for USDT and USDC and could accelerate their adoption in payments.
Source: TokenPost