Bessent pushed back against a bearish assessment of the U.S. economy highlighting strong growth, foreign demand for American assets and continued dollar dominance.
- Treasury Secretary Scott Bessent defended the U.S. economy by citing the dollar’s role in 89.2 percent of foreign-exchange transactions, the prevalence of dollar-pegged stablecoins and strong income, employment and growth data.
- Bessent said Treasury bond buybacks were intended to improve market liquidity and manage debt maturities, rejecting claims that they sought to suppress yields as the 10-year yield reached 5 percent.
- Bessent portrayed Saudi Arabia’s exit from the China-backed mBridge digital currency platform as a victory for dollar dominance, though the kingdom said it had merely completed a planned trial and the project continues elsewhere.
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The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters :
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Cathie Wood says smart investors need to start watching where AI agents spend money
U.S. added just 29,000 jobs in September, with unemployment rate rising to 4.2%
Crypto traders are in risk-on mode as bitcoin dominance nears return to 60%
Original sourceCoinDesk
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Read original ↗Disclaimer: This article is for information only and does not constitute investment advice. Digital assets involve substantial risk.
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