(Bloomberg) -- President Donald Trump pledged to support legislative efforts to form a regulatory framework for stablecoins on Friday, after ordering the creation of a US strategic Bitcoin Reserve and a separate stockpile of other digital assets.

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“I also want to express my strong support for the efforts of lawmakers in Congress as they work on bills to provide regulatory certainty for dollar-backed stablecoins and the digital assets market,” Trump said during a gathering of crypto executives at the White House. “They’re working very hard on that.”

Treasury Secretary Scott Bessent, who was also present at the meeting, said he intended to work with agencies and regulators including the Office of the Comptroller of the Currency and the Internal Revenue Service on updating and amending previous guidance.

“We are going to keep the US the dominant reserve currency in the world, and we will use stablecoins to do that,” he said.

Coinbase Global Inc. CEO Brian Armstrong, Bitcoin evangelist Michael Saylor of the company known until recently as MicroStrategy Inc., and the billionaire twins Cameron and Tyler Winklevoss were among those who attended the session, which the White House described as a roundtable gathering.

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Trump signed an executive order late Thursday creating the Bitcoin reserve and the separate stockpile of other tokens, to be capitalized with crypto forfeited in legal proceedings. Both the reserve and the stockpile will contain crypto forfeited as part of legal proceedings, the action said.

Last month, Senator Bill Hagerty introduced legislation that seeks to create a predictable regulatory environment for stablecoins, cryptocurrencies marketed as being less volatile than other tokens because their value is pegged to the dollar or other stable assets. Proponents say that federal regulation would lend legitimacy to the asset class that could lead to broader adoption. Stablecoins serve as the main conduit for crypto trading and have become more popular for use in payment systems.

White House crypto czar David Sacks said earlier that one of the first steps taken after the executive action will be an audit of how much cryptocurrency the government holds.