Open your crypto trading app on your phone and you'll see the letters "USDT" or "USDC" somewhere on the screen. Most people understand these as "stable currencies pegged to the US dollar." That's half right — and half wrong. USDT and USDC also function as a "private expeditionary force" extending American monetary hegemony into the 21st-century digital economy.
In July 2025, President Trump signed a law that matters far more than most coverage suggested: the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act). Much of Japan's financial media reported it simply as "crypto asset regulation." But the White House's own fact sheet says it plainly:
"Stablecoins will cement the dollar's status as the world's reserve currency, create demand for U.S. Treasuries, and hel...
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