US GENIUS Act May Undermine Dollar, Disrupt Global Payments

European asset manager Amundi believes that the US GENIUS Act could trigger a surge in dollar-backed stablecoins, potentially causing unintended consequences for the global payment system, and even threatening the long-term dominance of the greenback itself.

“It could be genius, or it could be evil, said Vincent Mortier, Amundi’s chief investment officer, in a recent interview with Reuters. 

While dollar-backed stablecoins have long been seen as a way to guarantee the dollar’s global hegemony, promoting a stablecoin could actually create “an…