The line of USD stablecoins has received yet another layer of policy support—personally added by Bessent.
He emphasized that the U.S. dollar remains the core of global transactions; the adoption of stablecoins anchored to the dollar is seen by him as an extension of the dollar’s dominance. At the same time, he denied that U.S. Treasury repo operations are meant to suppress yields, saying the goal is to improve liquidity and manage debt maturities. Source: CoinDesk.
How will the market interpret it? On one side, the narrative of stablecoin regulation compliance is being endorsed, along with on-chain supply and trading volumes of USDT and USDC—whether they will continue to expand next. On the other side, the 10-year U.S. Treasury yield has touched 5%, and the risk appetite associated with elevated valuations may still face pressure; divergences among risk assets such as BTC and ETH may also become more pronounced.
Which do you care more about: stablecoin expansion, or a pullback in U.S. Treasury yields?
Chart 1: Bessent backs the role of USD stablecoins · Source: partial screenshot of the page
Image source: https://www.coindesk.com/markets/2026/09/21/scott-bessent-champions-dollar-dominance-across-global-markets-and-stablecoins
He emphasized that the U.S. dollar remains the core of global transactions; the adoption of stablecoins anchored to the dollar is seen by him as an extension of the dollar’s dominance. At the same time, he denied that U.S. Treasury repo operations are meant to suppress yields, saying the goal is to improve liquidity and manage debt maturities. Source: CoinDesk.
How will the market interpret it? On one side, the narrative of stablecoin regulation compliance is being endorsed, along with on-chain supply and trading volumes of USDT and USDC—whether they will continue to expand next. On the other side, the 10-year U.S. Treasury yield has touched 5%, and the risk appetite associated with elevated valuations may still face pressure; divergences among risk assets such as BTC and ETH may also become more pronounced.
Which do you care more about: stablecoin expansion, or a pullback in U.S. Treasury yields?
Chart 1: Bessent backs the role of USD stablecoins · Source: partial screenshot of the page
Image source: https://www.coindesk.com/markets/2026/09/21/scott-bessent-champions-dollar-dominance-across-global-markets-and-stablecoins
