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With stablecoins, the U.S. now seems ready to lead a new era of digital finance—where dollar ... More dominance is preserved.
The Trump administration is turning stablecoins into a central pillar of U.S. strategy—aiming to cement dollar dominance and help fund the federal government. With over 99.8% of the current $234.5 billion stablecoin market already denominated in dollars, the White House sees an opportunity not just to ride the wave—but to amplify it.
As Federal Reserve Governor Christopher Waller explained in a February speech, stablecoins allow people around the world to hold and use U.S. dollars on public blockchains—without needing a bank account. That single shift opens the door to something far bigger: access to the vast global deposit market.
According to McKinsey & Company, the global financial system holds $117 trillion in bank deposits, including $65 trillion in personal deposits. Stablecoins—especially U.S.-licensed and dollar-denominated ones—offer a way to tap into this market from the bottom up, bypassing traditional banks and reshaping how the dollar circulates globally.
Deposits Up For Grabs
Scott Bessent, the Treasury secretary, took this further at the White House crypto summit on March 7, saying the US will use stablecoins to help preserve the dollar’s role as the world’s reserve currency and in driving net new demand for US Treasury bills.
The sheer scale of the global deposit system underscores why stablecoins matter. With $117 trillion held globally in bank deposits—stablecoins offer a way to rewire how money is stored and moves across borders. By backing U.S.-licensed and controlled, dollar-denominated stablecoins to operate outside traditional banking rails, the U.S. is supercharging an alternative, existing channel for global capital—one that could begin to seriously complement or even partially replace conventional bank deposits.
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