Europe's largest asset manager says the US GENIUS Act could unintentionally weaken the greenback and disrupt global payments.
European asset manager Amundi believes that the US GENIUS Act could trigger a surge in dollar-backed stablecoins, potentially causing unintended consequences for the global payment system, and even threatening the long-term dominance of the greenback itself.
“It could be genius, or it could be evil, said Vincent Mortier, Amundi’s chief investment officer, in a recent interview with Reuters.
While dollar-backed stablecoins have long been seen as a way to guarantee the dollar’s global hegemony, promoting a stablecoin could actually create “an alternative to the US dollar [...] that can could lead to more weakening of the dollar,” said Mortier.
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