U.S. Treasury Secretary, Scott Bessent, said global economic power is increasingly shifting from military strength to technological leadership, arguing that U.S. dominance in digital assets could help preserve the dollar’s position as the world’s leading reserve currency.

“We will keep our military umbrella, but I think more and more it’s becoming a technology umbrella,” Bessent said at Ripple’s Swell conference drawing parallels between the U.S.-China competition in artificial intelligence and semi-conductors and the race to control digital financial infrastructure.

“I think that digital assets are going to be no different, and we are going to win in the digital asset stack, and that’s gonna continue to fortify the [U.S.] dollar,” he said.

Bessent said U.S. leadership in digital assets would further strengthen the dollar’s global reach while dollar-backed stablecoins could expand access to the currency and increase demand for U.S. Treasuries.

More than 90% of stablecoins are backed by the dollar, he said.

REALITY CHECK | Dollar Stablecoins Benefit from America’s Sheer Economic and Geopolitical Weight, Says Bank of England Policymaker

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