President Donald Trump has come out in support of stable coins, while at the same time highlighting the need to support the dollar’s position as the world’s most important currency. He made the remarks at a digital assets summit at the White House with crypto czar David Sacks, and backed efforts by lawmakers to come up with clear rules for stable coins and other digital assets.
“I would like to highlight my support for the legislators’ efforts to provide regulatory certainty for dollar stablecoins,” Trump said. “They are working very hard on that.” His Treasury Secretary, Scott Bessent, explained that the US intends to use stable coins to maintain the dollar as the world’s most important currency.
He also had some not so nice words for the previous administration when it comes to Bitcoin reserves. “Regrettably, over the past few years, the US government has made the foolish decision to sell more than 50,000 bitcoins, which would have been worth billions of dollars if they had been kept,” he said. “From this day forward, there will be a new rule in America: never sell your bitcoin.”
To build on this strategy, on Thursday, Trump signed an executive order to establish a Bitcoin reserve, using the digital assets that have been seized during legal processes. Crypto czar David Sacks pointed out that the government still has more than 400,000 Bitcoins that have been acquired in the last decade. “We say we believe because no one knows for sure—we never had a proper audit,” he admitted.
In the current climate, with Trump’s administration looking to strengthen regulations on digital assets and incorporating them into the financial system, the US is determined to keep its financial supremacy and refrain from cashing in on Bitcoin.
