Stablecoins could help the US keep its financial edge and lower global transaction fees, according to SkyBridge Capital founder Anthony Scaramucci. During an interview with CNBC this week, he said these dollar-pegged digital tokens aren’t just a crypto tool—they might be a way to boost the demand for US Treasuries and cut down on $7 trillion worth of annual global transaction costs.
Scaramucci’s remarks came shortly after the US Senate advanced the GENIUS Act with a 66-22 vote, marking a rare moment of bipartisan agreement over how digital assets should be regulated.
Stablecoins Backed By Treasuries
Circle and Tether, two major players in the stablecoin space, are quietly buying up large amounts of US government debt. According to Scaramucci, Tether now holds more US Treasuries than countries like Germany or Japan. That’s a surprising twist. It means private crypto firms are now important holders of US debt, which could help support the dollar at a time when many countries are looking for alternatives.
He also mentioned that upcoming rules could push stablecoin issuers to hold even more reserves in Treasuries. That would only deepen their connection to the US financial system.
Political Momentum Builds In Washington
While crypto regulation has often been a divisive issue in Washington, the GENIUS Act is starting to change that. A total of 16 Democrats joined Republicans to get the bill through the Senate, brushing aside earlier concerns about US President Donald Trump’s past support of digital currencies.
David Sacks, a senior adviser to Trump on crypto and AI, told CNBC he’s confident the bill will keep moving forward. He said the White House expects more support as lawmakers look for ways to keep crypto innovation in the US instead of pushing it overseas.
Image: StormGain
Real-World Uses For Stablecoins
Scaramucci gave a practical example during his interview. He pointed to New York’s Hunt and Fish Club, where he believes stablecoins could replace credit cards. By doing that, businesses could skip the 2-3% fees charged by payment processors like Visa or Mastercard.
He says this isn’t just a tech upgrade. It’s a way to make payments cheaper and faster for everyday purchases. Wire transfers and card payments rack up billions in fees each year, so stablecoins could be a cheaper option for many people around the world.
A New Role For The Dollar
This new push for stablecoins is also seen as a way to keep the dollar dominant in global finance. As countries test out their own digital currencies, the US is backing a different approach—letting private companies issue tokens backed by real dollars.
With regulation finally gaining traction, stablecoins might soon play a bigger role not just in crypto, but in the larger financial system.
Featured image from Unsplash, chart from TradingView
