Treasury Secretary Scott Bessent pointed to strong economic growth, demand for U.S. assets and the dollar’s extensive use worldwide as he challenged concerns about the health of the American economy.

Bessent highlighted stablecoin growth and dollar-denominated trade to reinforce his argument that the U.S. currency continues to play a central role in global finance. His comments come as rising Treasury yields and changes in international payment infrastructure have fueled debate over the country’s financial position.

The Treasury secretary was responding to a New York Times report that examined structural risks facing U.S. finances. In a post on X, Bessent referenced figures shared by conservative commentator Lawrence Kudlow, noting that the dollar is used in 89.2% of foreign-exchange transactions. He added that the overwhelming majority of stablecoins are tied to the U.S. dollar.

Bessent also pointed to domestic economic measures, including record median household income, a historically low official poverty rate and continued employment gains. He cited the Atlanta Federal Reserve’s estimate of 5.1% annualized GDP growth for the third quarter.

His remarks come as the 10-year Treasury yield has climbed to 5%, adding to scrutiny of U.S. borrowing costs. The Treasury has been buying back longer-dated bonds, prompting critics to suggest the transactions are intended to restrain yields. Bessent has dismissed that interpretation, saying the buybacks are aimed at improving liquidity and managing the maturity structure of government debt rather than influencing the more than $30 trillion Treasury market.

Bessent also referenced Saudi Arabia’s exit from mBridge, the China-backed cross-border digital-currency platform, as a point in favor of continued dollar influence. The Financial Times reported the withdrawal, while Saudi Arabia said its involvement concluded after a planned proof of concept was completed in May 2025. mBridge continues to develop in other markets, so the Saudi departure is better characterized as a symbolic development for Washington rather than evidence of a wider collapse of the project.