Trump Projects “American Dominance” as he Signs Stablecoin Bill into Law

At its core, the legislation reflects President Trump’s broader ambition to position America as the global leader in the crypto industry. While its immediate aim is to provide regulatory clarity for US businesses, its impact is likely to be felt worldwide.

Until now, digital assets have largely existed outside the sphere of traditional geopolitical competition. As nations have long fought for dominance over trade, energy, and weapons, the US under Trump’s direction is now setting its sights firmly on crypto.

A new arena

Above all, the GENIUS Act was a victory for US crypto firms. This is especially true for major exchanges and stablecoin issuers that have long sought clear regulations to unlock more institutional cash. 

"A financial revolution for America"

– Brian Armstrong, CEO Coinbase

GENIUS, and other upcoming legislation will provide “a financial revolution for America” according to Brian Armstrong, CEO of Coinbase, the largest US crypto exchange. “It means crypto can finally start updating the financial system, especially for our payments, which are running on these creaky old systems that are decades old,” he told CNBC in an interview.

A mark in the sand

While providing regulatory framework that will help businesses, it also plants the US flag in the world of digital assets. 

The US is not the first country, however, to launch a national stablecoin law. Japan introduced its own version in 2022. Singapore followed in 2023, and the United Arab Emirates in 2024. 

The EU, on the other hand, has put forward regulation aimed at creating a “Digital Euro” through the issuance of Central Bank Digital Currencies (CBDCs). This approach differs from the US, and other countries since a central bank will hold ultimate authority for the creation and distribution of currency-pegged digital assets, not independent issuers. 

In fact, the Trump and Republicans in Congress have moved to ban CBDCs, with the President personally swearing that he will never allow them to exist under his administration during remarks following the passage of GENIUS on Friday 18 July. 

Dollar dominance 

Citing “This little group called BRICS” during remarks following his signature of the GENIUS Act, President Trump noted how the the legislation would increase the prominence of the US dollar on a global scale. 

According to Trump, the US has taken "a giant step to cement the American dominance of global finance and crypto technology."

BRICS, a coalition of five emerging economies – Brazil, Russia, India, China, and South Africa – and other nations that join by invitation have explored the use of digital assets to circumvent traditional financial structures controlled by the greenback. 

“I hit them very, very hard…” Trump said in reference to BRICS’ ambition to counter US dollar dominance. “If they ever really form in a meaningful way, it will end very quickly,” Trump continued.

More to come 

The GENIUS Act under President Trump signals America’s intent to lead the era of digital finance. 

As rivals such as the BRICS experiment with alternatives to the dollar, the US is formalizing its crypto advantage under a national banner. These developments should be top of mind for other nations that may seek a role in the digital asset economy but have so far failed to enact meaningful regulations to guide their own domestic industry. Failure to act now may leave some countries at a disadvantage.

The UK, which gave up its seat at the discussion table when it exited the EU in 2020 may soon find itself in this unenviable position. The country has made no substantial progress towards stablecoin or digital asset regulation.

The global race for monetary influence is no longer confined to bonds, debts, and central banks, it now includes cryptocurrencies, stable coins, and yes, meme coins. The next great geopolitical contest may not be fought not on land or sea, but on blockchains.