U.S. Treasury Secretary Scott Bessent has underscored the crucial role of dollar-pegged stablecoins in preserving the dollar's status as the leading global currency. He noted that the dollar is involved in 89.2% of currency market transactions, with the majority of stablecoins linked to the U.S. dollar. This assertion aligns with findings from the Bank for International Settlements, which indicate that dollar stablecoins account for over 99% of their total market capitalization. Additionally, Bessent pointed to Saudi Arabia's withdrawal from the mBridge cross-border central bank digital currency (CBDC) platform as evidence of the dollar's resilience. However, the Saudi central bank clarified that its departure was part of a pre-planned experiment and that the mBridge project is still active.