Perhaps thirty years from now, textbooks will write: The stablecoin GENIUS Act marks another shift in the dollar's anchoring, following its previous ties to gold and oil settlements.

It now anchors to the global gray market settlements and the fiat currencies of countries with poorer monetary discipline, often referred to as 'banana republics.'

Cash in dollars serves this purpose, but banning it is relatively easy; as long as banks are restricted, merchants face significant challenges in identifying counterfeit currency.

Blockchain + stablecoins allow for the assurance of genuine currency while simultaneously preventing substantial foreign exchange controls (except in some large government countries) and cannot be banned/stopped.