US government bets on stablecoins to enhance dollar dominance
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The GENIUS Act creates America's first federal stablecoin framework, but structural threats to dollar hegemony remain firmly in play.
Key facts
USD-pegged tokens account for roughly 98-99% of the entire stablecoin market, which carries a total market cap exceeding $200B
The bill cleared the Senate on June 17, 2025, with a 68-30 vote
Every stablecoin must be backed 1:1 by high-quality US dollar assets
The 1:1 backing requirement should reduce the existential risk that has historically haunted stablecoin holders
Summary
The United States passed its first comprehensive federal law governing stablecoins, a move designed to turn a corner of the crypto market into a weapon for dollar supremacy. The full name is the Guiding and Establishing National Innovation for U.S. Stablecoins Act. Every stablecoin must be backed 1:1 by high-quality US dollar assets. Issuers are required to submit monthly disclosures and undergo regular audits of their reserves.