Visa, Mastercard and American Express credit cards and debit cards are seen beside US one dollar bills. A Senate hearing heard of the large profits companies such as Mastercard and Visa were making while the US grapples with a record amount of credit card debt. (Photo by Anna Barclay/Getty Images)
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What began with Tether’s creation of the stablecoin in 2014 has evolved into a monetary force reshaping global finance. Stablecoin demand for U.S. Treasuries has grown so rapidly that regulators have been pushed to act, recognizing these tokens as a tool for defending the dollar’s global dominance.
The GENIUS Act, signed into law in July 2025, formalized this role by requiring issuers to back tokens with U.S. dollars and Treasuries. This policy has turned stablecoins into an even more powerful driver of demand for American debt.
No longer a niche product of the crypto world, stablecoins are becoming a cornerstone of U.S….
