The Genius Act could boost the US dollar's dominance in Web3 by enforcing 1:1 stablecoin backing and compliance, according to a Foresight Ventures report.
Digital Dollar News
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The GENIUS Act would legitimize stablecoins for institutional adoption and set a precedent for other global jurisdictions, according to the managing partner of DWF Labs.
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Abu Dhabi’s MGX will use a Trump-affiliated stablecoin to settle a $2 billion investment into Binance in one of Web3’s largest funding deals.
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FDUSD depegged after Justin Sun accused First Digital of insolvency, but the firm has since redeemed nearly $26 million in stablecoins.
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A US-led tariff war, preexisting economic sanctions, and global Bitcoin and stablecoin adoption could play a role in some countries’ attempts to dedollarize.
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Jerome Powell, who has served as chair of the Federal Reserve since 2018, made a guarantee to lawmakers in the Senate regarding a US central bank digital currency.
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Fed Board Governor Christopher Waller supports regulated stablecoins, as he believes they will help keep the US dollar as a global reserve currency.
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The president-elect cannot officially nominate anyone until after he is inaugurated on Jan. 20, but the US Senate has been holding hearings to question his potential picks.
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Ethena’s “singular focus” for the first quarter of 2025 is the distribution of the “TradFi Wrapped” iUSDe synthetic dollar.
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Paxos launches USDG, a Singapore-compliant stablecoin, partnering with DBS Bank for US dollar reserves in line with Singapore’s MAS framework.
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Bitcoin’s failure to hold $60,000 shows hesitation to buy at higher levels before the FOMC decision on Sept. 18.
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The Bahamas was one of the first countries in the world to launch a central bank digital currency — the Sand Dollar in 2020 — and is now looking for ways to boost its adoption.
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The need for the U.S. to implement dollar-backed stablecoins “couldn’t be timelier” as China continues to come up with its own solutions, former House Speaker Paul Ryan stressed.
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“If you don’t think the Fed is pursuing a CBDC, think again,” said U.S. Representative Tom Emmer.
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Morgan Stanley’s head of digital assets, Andrew Peel, warns that a “paradigm shift” in the perception and use of digital assets could impact U.S. dollar leadership.
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