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Stablecoins Key to Sustaining US Dollar Dominance, Says Web3 CEO
Bryan Pellegrino, CEO of LayerZero Labs, believes stablecoins are the most powerful tool to preserve the US dollar’s dominance in global financial markets. In an interview, he highlighted that dollar-pegged stablecoins enhance cross-border accessibility and drive global demand for the US dollar, especially in countries battling inflation like Argentina and Venezuela.
Pellegrino pointed out that both federal and state governments are increasingly supporting stablecoins for their role in boosting the dollar’s global presence. He cited Tether’s rise as the seventh-largest holder of US Treasury bills as proof of growing demand for US debt from stablecoin issuers.
US Treasury Secretary Scott Bessent echoed this sentiment at the White House Crypto Summit, stating the Trump administration plans to leverage stablecoins to strengthen US dollar hegemony in 2025.
A 2023 Chainalysis report showed over 50% of digital asset transfers in Latin America were in stablecoins, underlining their importance in regions with inflation and currency restrictions due to low fees, speed, and stability — making them ideal for remittances and storing value.
