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Key Points: Scott Bessent highlights stablecoins’ potential to fortify U.S. dollar hegemony. GENIUS Act boosts U.S. digital asset positioning. Major tech companies eye stablecoin market entry. Scott Bessent, U.S. Treasury Secretary, addressed the potential of stablecoins in reinforcing the U.S. dollar’s dominance, aiming to position the U.S. as a digital asset innovation hub. The statements were made on June 19 on the X platform. Bessent underlined the strategic importance of stablecoins, with regulatory advances like the GENIUS Act steering U.S. financial leadership in the digital sector. Stablecoins Integral to U.S. Dollar’s Dominance by 2030 Scott Bessent, U.S. Treasury Secretary, announced on June 19 via X that cryptocurrencies do not threaten the U.S. dollar’s status. He emphasized stablecoins’ role in consolidating the dollar’s hegemony while highlighting overlooked significance in digital assets. This aligns with the government’s commitment to transforming the U.S. into a digital asset innovation hub, advancing the GENIUS Act. “Bessent noted, “Digital assets are here to stay and we are going to make the US the digital asset hub of the world…the administration and their growth…set to accelerate through a positive partnership and through smart regulation.”” Market participants and leaders in the digital asset space have acknowledged the push for regulatory clarity. Bessent’s statements echo broader sentiments within the financial community, promoting the U.S. as the foremost destination for digital finance. Positive reactions from industry leaders underline a growing consensus for integrating stablecoins into economic strategies. U.S. Forges Path in Crypto Regulation with GENIUS Act Did you know? In previous regulatory changes related to digital assets, the introduction of clearer frameworks by U.S. authorities spurred surges in stablecoin issuance and attracted significant capital inflows into decentralized finance (DeFi) projects. USDC is trading at $1.00, with a market cap of formatNumber(61479016629, 2), according to CoinMarketCap. It experienced a -2.02% change…

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Filed under: News - @ June 19, 2025 7:26 am