Perhaps in thirty years, textbooks will write: The stablecoin GENIUS bill marks another change of anchor for the dollar after being pegged to gold and settled in oil.

Instead, it is anchored to global gray market settlements and the fiat currency alternatives of 'banana republics' with poorer monetary discipline.

Cash in dollars serves this function, but banning it is quite easy; as long as the banks and foreign exchange controls are blocked, merchants face the headache of identifying counterfeit money, which limits adoption.

Blockchain + stablecoins allow for the guarantee of real currency while making substantial foreign exchange controls impossible (with some large government countries as exceptions) and cannot be banned/stopped.