TechFlow, July 19 — According to CCTV News, Trump officially signed the "Guiding and Establishing National Innovation Act for U.S. Stablecoins" (abbreviated as the "Genius Act") at the White House, marking the first time the United States has established a regulatory framework for stablecoins.
Experts believe: During the development of digital currencies, the value and influence of the U.S. dollar have faced significant challenges. The U.S. hopes to leverage the existing strengths of the dollar by vigorously promoting the stablecoin model, maintaining and enhancing its influence in the fields of stablecoins and digital currencies. Trump and certain U.S. officials have suggested that issuing stablecoins might help reduce future pressures on U.S. debt. Fundamentally, the U.S. government's push for stablecoins aims to maintain its dominance in the global monetary and payment systems, further influence the future global currency and payment landscape, and preserve America's competitiveness.
Additionally, experts point out: The current global influence of the U.S. dollar is based on the post-World War II international economic order, which has shaped the dollar’s international standing. The measures currently taken by the Trump administration indicate their disapproval of the U.S. trade deficit and their intent to maintain a surplus or balance. Maintaining a surplus means fewer dollars will flow into international markets through trade, clearly imposing constraints on global dollar usage. Whether the U.S. can fulfill necessary responsibilities globally, honor commitments, and maintain stability in global trade and economy—rather than intervening in international economic and trade relations through sanctions and long-arm jurisdiction—is crucial for the development of stablecoins. If these conditions are not met, merely repackaging the dollar in another form without changing the fundamental mechanisms determining its value means that neither the dollar nor its corresponding stablecoin may gain broad, global support in the future.
