Bessent Defends Dollar Dominance, Citing Stablecoins and Strong Economic Data
- —Dollar is on one side of 89.2% of global FX transactions, Bessent said
- —The overwhelming majority of stablecoins are pegged to the U.S. dollar
- —The 10-year Treasury yield reached 5%
- —Saudi Arabia said it only completed a planned mBridge proof of concept
Why it matters: Bessent's remarks reinforce the dollar's role as the anchor for stablecoins, a key narrative for crypto markets amid rising Treasury yields.
Source: CoinDesk