US President Donald Trump and members of his administration have pushed for the passing of the GENIUS Act, which would regulate stablecoins in the US.
The United States views dollar-pegged stablecoins as a tool to help reverse the decline of the dollar’s status as a global reserve currency, according to a new report from digital asset banking group Sygnum. To accelerate that goal, the current administration is encouraging the growth of the stablecoin market and urging Congress to pass related legislation.
The insights come from Sygnum’s latest report examining the dollar’s standing as a reserve currency and the US government’s efforts to preserve that.
US President Donald Trump and key members of his administration, including Treasury Secretary Scott Bessent and AI and David Sacks, Trump’s “Crypto and AI Czar,” who leads the President’s Council of Advisors on Science and Technology, are pushing for the swift passing of the GENIUS Act, which regulates stablecoins and their issuers in the United States. The Act passed the Senate on June 17 and is currently in the House of Representatives.
While the US government is pushing dollar-pegged stablecoins, resistance is growing worldwide. On April 16, Italy’s finance minister warned that US dollar stablecoins pose a greater risk than tariffs and that the appeal of these stablecoins should not be underestimated.
