US Treasury Secretary Scott Bessent stated at the Ripple Swell conference that digital assets can help consolidate the dollar's global dominance. He argued that while military power historically underpinned reserve currency status, technological leadership is becoming increasingly important, and the US will win in the digital asset technology stack to maintain the dollar's position. Bessent highlighted that more than 90% of stablecoins are backed by the dollar, with issuers often holding US Treasuries as reserves. As adoption grows, demand for these assets may rise, potentially becoming a new financing source for the federal government. He emphasized that stablecoins will open up new markets globally rather than merely replacing existing dollars. Addressing regulatory challenges, Bessent called the failure of the Clarity Act disappointing but noted the Treasury Department can work with the SEC and CFTC to advance regulation through agency action. He also stated that regulatory best practices and guardrails can prevent crypto companies from being debanked.