July 18, 2025
Digital Dollar: How U.S. Stablecoins Are Rewiring Global Finance

Market Commentary
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Just as President Trump’s Big Beautiful Bill grabs headlines for widening America’s fiscal deficit, another quiet revolution is underway: the official rollout of U.S. regulated stablecoins.

These digital dollars, backed 1:1 by cash or Treasuries, mark a turning point in how money moves across borders and how the U.S. maintains its financial dominance in a de-dollarizing world.


In mid-2025, the U.S. began laying the groundwork for a dollar backed digital financial system.

Momentum picked up when the Office of the Comptroller of the Currency (OCC) authorized banks to offer crypto services like custody and trading, but institutions are still waiting for clear legislation before fully engaging.




That clarity is coming through three key bills:
  • GENIUS Act: Establishes the first federal framework for payment stablecoins, requiring full asset backing and regular disclosures.
  • STABLE Act: Treats stablecoin issuers like banks—licensed, regulated, and fully collateralized.
  • CLARITY Act: Clearly defines digital assets as commodities or securities, and provides legal certainty for using stablecoins in everyday payments.
Together, these acts aim to bring order to the $150+ billion stablecoin market, making it safer, more transparent, and globally competitive.

For Washington, this isn’t just financial innovation, it’s strategic.

Requiring stablecoins to hold short-term U.S. debt strengthens demand for Treasuries while embedding the U.S. dollar deeper into the digital economy.


The ripple effects are global.

In Indonesia, where the JCI Index sits at 7,097 and sectors like banking and tech remain sensitive to foreign flows, the digitization of the dollar could reshape how capital moves, and how countries like Indonesia respond.

 

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