The U.S. dollar continues to hold its role as the world’s reserve currency, Treasury Secretary Scott Bessent said at a congressional hearing on the 15th, citing growing global transaction volumes as evidence of confidence in U.S. institutions and the Trump administration’s policies. Bessent said dollar strength reflects policy actions rather than its quoted exchange rate, pointing to greater predictability in regulation, taxes, trade and energy that he said had drawn trillions of dollars in capital inflows. He attributed declines in dollar-denominated foreign-exchange reserves primarily to Russia and China, while saying other countries continued to trade actively. Bessent also cited two recent Treasury auctions that he said ranked among the most successful of the past two decades.