10.03.2025 21:50
U.S. Treasury Secretary Scott Bessent announced plans to support stablecoins in order to maintain the dollar's position as the global reserve currency. The Trump administration's withdrawal of cryptocurrency sanctions and steps to create a Bitcoin reserve are paving the way for the growth of the cryptocurrency market. Investments in Bitcoin by stablecoin issuers are strengthening the market.
The stablecoin policies of the United States are unexpectedly providing benefits to Bitcoin and the broader crypto market in order to maintain the global dominance of the dollar. The strategies announced at the recent summit at the White House could herald a new era in the cryptocurrency market.
US Stablecoin Policies Support Bitcoin and Institutional Crypto Growth
US Treasury Secretary Scott Bessent announced plans to increase the use of stablecoins to maintain the US dollar's position as the global reserve currency. This move could unexpectedly pave the way for the growth of Bitcoin and the institutional crypto market.
Bessent reiterated the Trump administration's promise to withdraw previous sanctions on cryptocurrencies, noting that the new regulatory environment could accelerate the adoption of Bitcoin. The steps taken during the Trump era to create a reserve using Bitcoin highlight a fundamental shift in the US's perspective on cryptocurrencies.
Omri Hanover, the CEO of Gems Trade Blockchain launchpad, stated that Bitcoin's position will strengthen due to the increasing acceptance of stablecoins and the clarification of the regulatory framework. Hanover commented, "Efforts to reinforce the US's financial leadership could lead to significant changes in market dynamics in contrast to Europe's more cautious approach."
While two important bills aimed at addressing regulatory uncertainties in the crypto industry await approval in the US Congress, the increasing profits of stablecoin issuers are also being directed towards Bitcoin. Tether, the issuer of the world's largest stablecoin USDt, is following a strategy of diversifying its support assets by allocating a portion of its net profit to Bitcoin investments. This approach not only provides significant gains for Tether but also strengthens Bitcoin's position as a store of value.
Experts emphasize that while the US's stablecoin policies aim to maintain the dollar's global dominance, they could indirectly contribute to the growth of the cryptocurrency ecosystem and the institutional adoption of Bitcoin.