Bessent Bets Stablecoins Can Cement a Dollar That Still Anchors 89.2% of FX Trades

What happened

U.S. Treasury Secretary Scott Bessent said on 20 September that the dollar remains one side of 89.2% of global foreign-exchange transactions. He argued that dollar-pegged stablecoins reinforce this dominance rather than threaten it.

Confirmed

Global impact / market context

If stablecoins strengthen the dollar's use in global trading, that could keep demand high for U.S. government debt and dollar-based payment services. It may also mean more revenue for stablecoin issuers and the banks that hold their reserves.

Analyst inference

The dollar already sits on one side of most foreign-exchange trades, which means almost every currency exchange involves it. Stablecoins tied to the dollar add a digital way to settle trades, potentially deepening that role over time.

Analyst inference

What to watch

1. Bessent said the dollar remains on one side of 89.2% of global foreign-exchange transactions, a figure from his 20 September remarks. Watch whether that share holds in future data. Confirmed
2. Watch for proposals or rules that let dollar-pegged stablecoins expand into cross-border payments, as that could change how businesses settle international trade and hold cash. Proposed
3. If stablecoin use grows, watch demand for short-term U.S. government debt, since issuers often hold safe dollar assets, which could affect borrowing costs and cash available in markets. Analyst inference

Evidence

• coinpaprika.com