Amundi's CIO, Vincent Mortier, has cautioned that the proposed US GENIUS Act, aimed at regulating stablecoins, might inadvertently undermine the dollar's long-held global dominance. In a recent interview with Reuters, Mortier suggested that the Act could foster the development of alternative financial systems, potentially diminishing reliance on the US dollar. While acknowledging the possibility of increased demand for US Treasury bonds through stablecoin reserves, he emphasized the risk of signaling a weakened dollar to the market. Mortier further highlighted the potential for stablecoin issuers to evolve into entities akin to banks, raising concerns about potential instability within the global payment infrastructure. He warned of unforeseen consequences stemming from altering the current financial landscape. The GENIUS Act, while intended to provide regulatory clarity, presents complexities that warrant careful consideration of its broader implications for the dollar's future. ```