US Treasury Secretary Bessent: Dollar remains dominant in global finance, stablecoins reinforce hegemony

US Treasury Secretary Scott Bessent defended the dollar's global dominance, citing its 89.2% share in foreign exchange transactions and its role as the primary peg for stablecoins. Bessent argued that stablecoins extend the reach of the dollar beyond traditional banking systems rather than threatening it. He also denied that Treasury buybacks of long-term bonds were intended to suppress yields, characterizing them as liquidity and debt management operations. Additionally, he interpreted Saudi Arabia's exit from the mBridge project as a symbolic victory for the dollar, despite market concerns regarding rising 10-year Treasury yields and fiscal deficits.