Circle president Heath Tarbert told Congress on September 2 that placing dollar digital infrastructure under US regulation could reinforce the currency’s global role. The dollar accounted for 57.13% of allocated global foreign exchange reserves in Q1 2026, up from 56.42% in Q4 2025, according to IMF data. Fed staff estimated stablecoin market capitalization at $317 billion on April 6, 2026, with roughly 98% of stablecoin value denominated in dollars. Stablecoin issuers hold less than 1% of Treasuries outstanding, though Treasury bills represent 53% of their assets. The GENIUS Act framework requires one-to-one permitted reserves, which could strengthen private dollar infrastructure while leaving central bank currency allocations outside its scope.
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