Bo Hines, the executive director of the President's Advisory Council on Digital Assets, announced that the law related to stablecoins will be finalized in the coming months. This reflects the government's urgency in maintaining the dominant position of the US Dollar in blockchain activities. At the Digital Asset Summit conference held in New York on March 18, Hines emphasized that the stablecoin law is imminent after the Senate Banking Committee approved the GENIUS Act last week. This Act establishes guidelines on collateral for stablecoin issuers and requires full compliance with Anti-Money Laundering laws.

Hines expressed delight in seeing the vote take place in a bipartisan manner, indicating a deep understanding from both sides about the importance of US dominance in this field. He expressed hope that the US Dollar will continue to play a central role in the financial markets and payment services.

Currently, the market tends to underestimate the potential impact of this bill on the US economy, particularly regarding the dominance of the US Dollar and the payment infrastructure. With the majority of the $230 billion in circulating stablecoins being pegged to the US Dollar, the position of this currency remains strong in the cryptocurrency sector.

However, there are opinions that the situation may change as stablecoins begin to have a multi-currency nature. US Treasury Secretary Scott Bessent stated that the Trump administration will use stablecoins to maintain the US Dollar's status as the global reserve currency. This explains the urgency in implementing the law. The government will seek to keep the US Dollar as the world's primary reserve currency through the application of stablecoins.