Dollar-backed stablecoins reinforce U.S. currency dominance while democratizing finance in developing nations, countering China’s debt-trap diplomacy.
Opinion by: Christos A. Makridis, associate research professor at Arizona State University and visiting fellow at the Heritage Foundation
Stablecoins received a real boost when US President Donald Trump signed the GENIUS Act earlier this year — and now European banks are trying to get into the act by issuing stablecoins of their own.
Their envy of the US dollar’s supremacy, a long-standing pillar of American economic strength, is understandable. In the wake of the GENIUS Act, dollar-backed, privately issued stablecoins are surging in popularity, presenting a strategic opportunity for the United States.
