Bessent Champions U.S. Dollar Leadership Through Global Markets and Stablecoins

Treasury Secretary Scott Bessent pointed to the strength of the U.S. economy and the dollar’s global reach while responding to concerns about rising government debt costs and changes in international payments.

Bessent used stablecoin adoption and foreign-exchange data to underscore the continued importance of the U.S. currency. He was responding to a recent New York Times report that examined structural challenges facing the country’s financial position.

In a post on X, Bessent cited data promoted by conservative commentator Lawrence Kudlow, noting that the dollar appears on one side of 89.2% of foreign-exchange transactions. He also highlighted the fact that most stablecoins are pegged to the U.S. dollar, presenting their growth as another indicator of continued demand for dollar-based financial assets.

The Treasury secretary also pointed to domestic economic figures, including record median household income, a historically low official poverty rate and ongoing employment growth. He cited the Atlanta Federal Reserve’s 5.1% annualized third-quarter GDP estimate as another sign of economic activity.

Bessent’s comments came as Treasury yields reached multiyear highs, with the 10-year yield touching 5%. The Treasury has been repurchasing longer-dated government bonds, a move that has drawn criticism from those who argue the policy could help limit yields. Bessent has disputed that interpretation, saying the buybacks are intended to improve liquidity and manage the maturity profile of federal debt rather than control a Treasury market worth more than $30 trillion.

He also pointed to Saudi Arabia’s departure from mBridge, a China-backed platform designed for cross-border digital-currency payments. Bessent cited the development as supportive of the dollar’s position, according to the Financial Times. Saudi Arabia, however, said its participation ended after completing a planned proof of concept in May 2025. Since mBridge continues to expand elsewhere, the withdrawal is a notable development for Washington but does not by itself indicate that the broader project is failing.