The Trump administration is studying a plan to promote dollar-backed stablecoins outside US borders through joint ventures with private actors. The GENIUS Act, promulgated on July 18, 2025, requires issuers to back each token with cash or US Treasury bills under 93 days, mechanically creating demand for federal debt. Tether alone reported $141 billion in US Treasury exposure by end of March, and Treasury Secretary Scott Bessent targets a $3 trillion market by 2030. This strategy raises concerns in Europe and emerging countries, which fear a digital dollarization of their economies.
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