US Government Passes Genius Act to Boost Dollar Dominance

The United States government is strategically promoting dollar-backed stablecoins to ensure the US dollar remains the default currency of digital finance. This effort was formalized in the White House 2025 digital assets report, which called on policymakers to prioritize the growth of these assets to preserve national currency dominance.

To implement this strategy, Congress passed the Genius Act in July 2026, establishing a regulatory framework for stablecoins within the country. The initiative has received high-level executive support from President Donald Trump and Treasury Secretary Scott Bessent. Bessent predicted that the stablecoin market, currently valued at $300 billion, could grow ten-fold by 2030.

Private sector projections have been similarly optimistic, with Standard Chartered forecasting the market could reach $2 trillion by late 2028. Despite these legislative and executive efforts, recent data indicates that the rapid growth of dollar-backed cryptocurrencies has stalled.