The key point is that Americans do not actually need stablecoins—they can directly use the bank ACH system for USD transactions. Almost all USDT users are outside the United States, which actually expands the global influence of the dollar. When the U.S. passed the GENIUS Act in July, it proposed a policy direction to restrict the development of Central Bank Digital Currency (CBDC), reflecting a profound strategic layout regarding the global dominance of the dollar. Stablecoins are popular precisely because of their high liquidity and good user experience, while some government-led digital currencies may face stricter regulation and monitoring, which could negatively impact market acceptance. In fact, since 2014, more than 20 countries have attempted to issue CBDCs, but none have truly succeeded at the market level.