China Is Worried About Dollar-Backed Stablecoins

Beijing is speeding up plans to create systems it can monitor.

Bitcoin, ethereum, and the stablecoin USDT are promoted at a cryptocurrency store in Hong Kong on July 29. August 19, 2025, 3:32 PM Comment icon View Comments ( )

The power to control access to money is no longer the exclusive privilege of the sovereign. Increasingly, the rules governing how money is created, moves, and is held are enforced not by governments alone but by code, online networks, and protocols beyond the authority of any single nation. The U.S. GENIUS Act—short for Guiding and Establishing National Innovation for U.S. Stablecoins—formalizes this transformation of money by creating a framework for regulated U.S. banks to issue dollar-backed stablecoins:

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