The credibility and international responsibility of the US dollar will affect global acceptance, and changing the form alone will not be enough to consolidate the influence of the US dollar and stablecoins

According to CCTV coverage, Trump officially signed the National Innovation Act to Guide and Establish American Stablecoins (referred to as the Genius Act) at the White House, marking the first time that the United States has established a regulatory framework for stablecoins. Trump said stablecoins can help increase demand for US Treasury bonds, lower interest rates and strengthen the status of the US dollar as a global reserve currency. He reiterated that "the establishment of a central bank digital currency in the United States will never be allowed".
The Genius Act requires stablecoins to be backed by liquid assets such as US dollars or US short-term Treasury bonds, and issuers must disclose the details of their reserves on a monthly basis. Currently, the world's two largest stablecoins, USDT and USDC, account for nearly 90% of the total market capitalization. According to statistics, the stablecoin market size is about 247 billion US dollars, and US Treasury Secretary Bescent expects it to grow to 3.70 trillion US dollars by 2030.
Experts point out that the United States' push for stablecoins is intended to take advantage of the dollar's existing advantages to maintain its dominance in the global monetary and payment system, and some argue that this move may ease the pressure on U.S. debt. But some Democratic lawmakers have questioned the bill's failure to provide adequate consumer and financial stability guarantees, and have pointed to the Trump family's links to cryptocurrencies. Some Republican lawmakers also see the bill as conflicting with Trump's previous executive order banning central bank digital currencies.