Perhaps in thirty years, textbooks will write: The stablecoin GENIUS Act marks another shift for the dollar after being pegged to gold and oil settlements.

It has now shifted to peg to the global grey market settlements and the fiat currency alternatives of countries with worse monetary discipline, the "banana republics."

Cash in USD has this function, but it can be banned relatively easily, as long as the banking and foreign exchange regulation side is blocked. Merchants face a headache in identifying counterfeit currency, which limits adoption.

Blockchain + stablecoins ensure that real currency can be guaranteed while being effectively free from foreign exchange regulations (with some exceptions for major government countries) and cannot be banned or stopped.