Treasury Sec Backs Crypto for Dollar Dominance

Treasury Secretary Scott Bessent positioned digital assets as a key defense for U.S. dollar dominance as stablecoin volume shifts and institutional custody expansions reshape the market.

1. Treasury Secretary Framed Crypto as Vital to Dollar Dominance Scott Bessent said U.S. digital asset supremacy is crucial for preserving the dollar's reserve status, signaling new agency-level rules following the Clarity Act's legislative failure.

2. USDC Captured 56 Percent of Euro Stablecoin Trading Volume Circle's token overtook Tether in euro-denominated trading as regional exchange restrictions squeezed non-compliant stablecoins, according to Kaiko data.

3. Galaxy Digital Posted $323 Million Q3 Net Income The company reversed a prior-quarter loss while expanding its high-performance compute operations to deliver 133 megawatts to CoreWeave.

4. BNY and Ripple Expanded Custody Support for XRP and RLUSD The institutional bank integrated the assets into its digital custody platform and is exploring onchain supply chain financing with C2FO.

5. Polymarket Referred Midterm Election Probes to CFTC The prediction market's surveillance unit referred at least two investigations to federal regulators after probing dozens of suspicious bets.

Numbers Bitcoin climbed 1.1 percent to $80,678, while Ether gained 1.5 percent to $2,341 alongside a total cryptocurrency market capitalization of $2.66 trillion.

Watch

• Joint agency rulemaking proposals from the Treasury, SEC, and CFTC establishing digital asset operating standards
• Implementation of the OCC's reserve and redemption guidelines on Jan. 18, 2027
• Regulatory approvals and commercial implementation milestones for direct RLUSD minting via BNY