Stablecoins Get Green Light from Genius Act, Boosting Dollar's Dominance

The Genius Act has officially cleared the way for banks and other financial institutions to issue their own stablecoins, which are cryptocurrency tokens pegged to the US dollar.

Crypto boosters like Donald Trump Jr. claim that this will help reinforce the greenback's status as the world's dominant currency by driving up demand for government-issued debt and making borrowing cheaper.

Treasury Secretary Scott Bessent shares this view, arguing that the proliferation of stablecoins will lead to more demand for dollar-denominated assets like Treasury bills, which in turn would drive down yields and make borrowing easier for Americans.