The new US GENIUS Act is turning heads in the world of digital finance. By legalizing regulated stablecoins backed by US Treasury bonds, this plan aims to revitalize the role of the US dollar. In simple terms, stablecoins are cryptocurrencies designed to keep their value steady, and now they may soon be directly tied to US public debt.
While some see this as a bold step into the future of digital payments, many experts warn that the move could transform US public debt into collateral for a new type of private money system. The concern is that if this high-tech financial framework falters, the shockwaves could extend well beyond US borders, potentially affecting central banks, sovereign funds, and even tech-savvy communities in South Asia and Southeast Asia.
The debate is heating up: is this a stroke of financial genius or a risky experiment that might trigger global contagion? Amid rapid digital growth—from mobile wallets to innovative start-ups—the story resonates with everyone who follows how technology reshapes our world. It might even serve as a wake-up call for those considering a shift away from overreliance on the US dollar in pursuit of more robust monetary sovereignty. 💡🚀
Reference(s):
cgtn.com
