Treasury Secretary Scott Bessent defended the strength of the U.S. economy by pointing to the dollar’s continued role in global finance, stablecoin adoption and recent economic data. The dollar remains on one side of 89.2% of foreign-exchange transactions, while the overwhelming majority of stablecoins are pegged to the U.S. currency. Bessent also cited record median household income, a historically low official poverty rate, continued employment growth and the Atlanta Fed’s 5.1% annualized estimate for third-quarter GDP. His comments sought to counter concerns about the country’s financial position, including a recent New York Times report and anxiety over rising Treasury yields, with the 10-year yield reaching 5%. Bessent said Treasury buybacks are intended to improve liquidity and manage the maturity structure of government debt, not suppress yields or directly control a Treasury market worth more than $30 trillion. He also pointed to foreign demand for U.S. assets, well-received Treasury auctions, expanding business investment and capital spending, and equipment investment in the second quarter of 2026 nearly 20% above its level at the end of President Biden's term. Bessent cited Saudi Arabia’s departure from the China-backed mBridge cross-border digital currency platform as supportive of dollar dominance, although Saudi Arabia said its involvement ended after a planned proof of concept completed in May 2025. The platform continues to expand elsewhere.