In a clear signal of policy direction, US Treasury Secretary Scott Bessent made a bold statement this week:
“Blockchain technologies will power the next generation of payments, and the US dollar is coming on‑chain.”
His remarks follow the passage of the GENIUS Act, a new federal framework that provides legal backing for stablecoins issued by regulated financial institutions.
A shift from private tokens to sovereign rails
The phrase “dollar coming on‑chain” marks more than just political rhetoric. It confirms that the United States is preparing to move parts of its monetary system onto blockchain rails not through private tokens, but through infrastructure backed by the Treasury itself.
According to internal sources, the roadmap includes collaborations with licensed entities to deploy tokenized dollars on both public and permissioned blockchains. The end goal: a stable, programmable, and audit-ready dollar with real-time settlement and reduced friction.
Strategic implications
Payments modernization
This move could unlock faster and cheaper transfers, operating 24/7 with finality and global reach.
Dollar dominance extended
By issuing a digital dollar directly onto chain, the US aims to preserve its monetary influence especially against competitors like China’s digital yuan and decentralized stablecoins.
Stablecoin legitimacy
With the GENIUS Act in place, compliant stablecoins may now serve as regulated extensions of the dollar, opening the door to trillions in tokenized capital under supervision.
This isn’t about replacing the dollar. It’s about extending it into the digital realm.
Sources: US Treasury official release, Scott Bessent’s verified social media, Reuters, DailyHodl, CryptoDnes, CoinWorld
Date of reporting: July 20, 2025
