Source: Ludwig von Mises Institute
by Rowan Parchi
“A paradox now sits at the center of global finance: the US government, in trying to stabilize its debt markets, has legitimized the very free-market forces that are eroding its monopoly over money. In mid-2025, the United States enacted the GENIUS Act, the first comprehensive legal framework for stablecoins — privately issued, fully backed digital dollars that move instantly across open blockchain networks rather than through the regulated banking system. The law gave official legitimacy to an already booming industry, but its deeper consequence reaches far beyond cryptocurrency. It has turned stablecoin issuers into a new and dependable class of buyers of US government debt.” (11/07/25)
https://mises.org/mises-wire/stablecoins-us-dollars-unexpected-lifeline