U.S. Treasury Secretary Scott Bessent said that USD stablecoins support the global role of the dollar; according to him, the dollar accounts for 89.2% of transactions in the foreign exchange market, and the vast majority of stablecoins are pegged to the USD.

The Treasury Previously Estimated USD Stablecoins at Over 99% of Market Cap

Previously, the U.S. Treasury estimated the share of USD stablecoins at more than 99% of their total market capitalization.

BIS Confirms Dollar's Share in the FX Market

The Bank for International Settlements confirms the figure of 89.2% for the dollar's share in foreign exchange transactions.

Bessent Mentioned Saudi Arabia's Exit from mBridge

As an additional argument in favor of the dollar, he referred to Saudi Arabia's exit from the cross-border CBDC platform mBridge.