Dear reader, allow us to regale you with the most recent developments in the realm of finance, where the United States Treasury Secretary, Mr. Scott Bessent, has taken to the stage at the White House Crypto Summit on the seventh of March. He has declared, with a flourish of rhetoric, that the US Government shall utilise stablecoins to ensure the continued supremacy of the almighty dollar as the world’s preeminent reserve currency. 🇺🇸💸
Mr. Bessent, in his address, echoed the sentiments of the Trump administration, promising an end to the conflict with cryptocurrencies and committing to the rollback of previous punitive measures. He then proceeded to expound upon the virtues of stablecoins, stating:
“We shall devote considerable contemplation to the stablecoin regime, and as our esteemed President Trump has decreed, we shall maintain the dominance of the US dollar in the global arena, employing stablecoins as our weapon of choice.”
His Excellency, President Trump, expressed his hope that Congress would present him with a comprehensive stablecoin regulatory bill before the August recess. He did not mince words when criticising the Biden administration for their hasty disposal of seized Bitcoin (BTC), which he claimed resulted in substantial losses due to premature selling. 💩💰
Many attendees of the inaugural White House Crypto Summit were astounded by the significance of the occasion, which marked a pivotal shift in the US Government’s attitude towards the digital asset industry. It was a day of historical import, dear reader, make no mistake. 🎉📊
Stablecoins: The New Guardians of Dollar Dominance 🛡️💵
Overcollateralized stablecoins, backed by short-term US Treasury bills and cash deposits, have been proposed as a means to bolster US dollar supremacy. These digital fiat tokens, by driving demand for US debt instruments, could extend the greenback’s reign. 📈👑
Federal Reserve Governor Christopher Waller lent his support to the notion of using stablecoins to reinforce the dollar’s position in February 2024. He argued that the encroachment of cryptocurrencies on the dollar’s market share would be counteracted by the demand for stablecoins. 🛡️🛡️
In February 2025, Governor Waller reiterated his stance, asserting that stablecoins could preserve the dollar’s status as the global reserve currency by circumventing capital controls in foreign lands and enhancing payment systems. 🌍💸
As part of this grand strategy to harness stablecoins in defence of the US dollar, US representatives French Hill and Bryan Steil introduced the Stable Act of 2025, a bill aimed at establishing a comprehensive regulatory framework for dollar-pegged digital fiat tokens. It seems, dear reader, that the future of finance is being written, one stablecoin at a time. 📝🚀
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2025-03-08 01:40