The United States will use stablecoin to ensure the dominance of the dollar — Scott Bessent

President Trump and Scott Bessent both called for a comprehensive regulatory framework for stablecoins and a clear regulatory environment.

U.S. Treasury Secretary Scott Bessent stated that the U.S. government would use stablecoin to ensure that the U.S. dollar remains the world's reserve currency at the cryptocurrency summit at the White House on March 7.

Bessent reiterated the Trump administration's commitment to ending the war on cryptocurrency and vowed to repeal previous IRS guidance and punitive regulatory measures. He then turned his attention to stablecoins and said:

"We will carefully consider the stablecoin regime and, at the direction of President Trump, we will maintain the U.S. dollar as the dominant reserve currency in the world, and we will use stablecoin to achieve that."

President Trump stated at the summit that he hopes lawmakers will bring a comprehensive regulatory bill on stablecoins to his desk before the congressional recess in August.

The President also criticized the Biden administration for selling part of the seized Bitcoin, which he claimed caused billions of dollars in losses due to premature selling.

Many attendees at the first cryptocurrency summit at the White House remarked on the historic nature of this event, reinforcing the significant shift in the U.S. government's stance towards the digital asset industry. #ScottBessent