At the White House Cryptocurrency Summit held on March 7, U.S. Treasury Secretary Scott Bessent made it clear that the federal government will strengthen the dollar’s position as a global reserve currency through stablecoins. This statement is highly consistent with President Trump’s policy direction. The two jointly called for the establishment of a “comprehensive and clear stablecoin regulatory framework” and promised to reverse the previous strict crypto asset regulatory policies.
In his speech, Bessent emphasized: “We will deeply build a stablecoin regulatory system. As President Trump has instructed, the dollar hegemony must continue through innovative means. Stablecoins will become the core tool of this strategy.” He also announced the withdrawal of the Internal Revenue Service (IRS)’s past punitive taxation guidelines for cryptocurrencies, sending a signal of policy relaxation for the digital asset industry. At the summit, Trump urged Congress to submit the “Stablecoin Act” before the August recess, requiring legislators to establish full-cycle rules for dollar-pegged stablecoins from issuance reserves to circulation audits.
The background of this policy shift is that the federal government is trying to expand the influence of the US dollar in the global payment system through stablecoins. At present, mainstream stablecoins generally adopt an over-collateralized model, with short-term US Treasury bonds and cash deposits as reserve assets. Christopher Waller, a member of the Federal Reserve Board, pointed out in 2024 that the rigid demand for US Treasury bonds by stablecoins can effectively hedge the erosion of the US dollar’s market share by cryptocurrencies. By 2025, he further emphasized that stablecoins can break through the capital controls of other countries and consolidate the status of the US dollar by upgrading the payment infrastructure.
To implement this strategy, Congressmen French Hill and Bryan Steil have jointly submitted the “Stable Act of 2025”, which intends to impose mandatory requirements such as reserve audits and custodian bank qualifications on issuers. Analysts pointed out that if the bill is passed, it will promote compliant stablecoins to become a digital extension of the offshore US dollar, especially in economies with strict capital controls to enhance penetration.
It is worth noting that at the summit, Trump criticized the Biden administration for prematurely selling off Bitcoin seized by law enforcement agencies, saying it caused billions of dollars in losses. This remark triggered speculation in the industry about the subsequent disposal policy of crypto assets. Representatives of participating institutions generally believed that this summit marked the United States’ shift from preventive regulation to proactive layout of the crypto financial system, and stablecoins, as a hub connecting traditional finance and blockchain ecology, are becoming a new battlefield for the currency game between major powers.
