Bessent Touts Dollar Strength Amid Market Volatility
U.S. Treasury Secretary Scott Bessent has responded to recent criticism of the country's financial position by citing data on the dollar's global dominance and stablecoin adoption.
Bessent pointed out that the dollar participates in 89.2% of global foreign exchange market transactions, giving it an unshakeable position of global dominance.
The Treasury Secretary also noted that most stablecoins are denominated in dollars, further deepening the greenback's influence across the crypto asset ecosystem.
Bessent's comments come as U.S. Treasury bond yields have reached multi-year highs, with the 10-year rate touching 5%. To address this, the Treasury Department has carried out long-term bond buybacks, which Bessent argues are aimed at improving liquidity and managing the maturity structure of a market exceeding $30 trillion.