The growing use of stablecoins, especially those regulated in the U.S., is generating a serious debate: could this rise weaken the dollar's position as a global reserve currency?
🌐 Regulations redefining the market
The approval of the GENIUS Act in the U.S. Senate on June 18, 2025 establishes a stricter regulatory framework for dollar-backed stablecoins: it requires 1:1 reserves in liquid assets, monthly audits, and dual federal-state supervision (ecb.europa.eu, ainvest.com, en.wikipedia.org).
According to Amundi, this regulator "could trigger a wave of dollar-backed stablecoins," which would reconfigure financial capital flows (bitget.com).
Backing in Treasuries implies greater public debt purchase, which can both bolster and erode long-term dollar demand.
📉 Risk to dollar hegemony
Amundi warns that these stablecoins could "cause further weakening" of the dollar given their growing global adoption (reuters.com).
At a summit in Sintra, central bankers identified the use of stablecoins, especially if promoted by the U.S., as a threat to monetary sovereignty and financial stability (reuters.com).
The ECB and the BIS have warned about the danger of losing control over monetary policy if stablecoins expand without clear regulation (cincodias.elpais.com).
🎯 Opportunity for alternative currencies?
The weakness of the dollar, its worst performance since 1973, has encouraged the European Union and China to promote alternative currencies, including the digital euro (ft.com).
While the U.S. promotes stablecoins, the ECB urges accelerating the development of the digital euro to counter the influence of the dollar (cincodias.elpais.com).
🔍 What does this imply for the future?
Global diversification: countries are exploring stablecoins in other currencies as a mechanism to reduce dependence on the dollar.
Financial risks: the BIS warns that private stablecoins without robust backing can generate monetary instability (thetimes.co.uk).
Transformation of the monetary system: some bet on a financial revolution in the style of "digital dollarization."
📝 Conclusion
Regulated stablecoins represent an innovative and competitive response to the dominance of the dollar. However, their expansion raises doubts about the resilience of the U.S. currency and poses legitimate challenges for central banks and global regulators.