William Blair：2025年经济学周报：稳定币是伟大的破坏者吗？（英文版）

Last week, we discussed the status of the U.S. dollar and how we may be at a point of cyclical change, whereby further dollar depreciation is likely over the coming years due to a number of factors. The elephant in the room we did not discuss was stablecoins. The topic has continued to grow, and this week (dubbed Crypto Week by the House of Representatives) it gained even more attention with progress on passing through Congress the GENIUS Act (Guiding and Establishing National Innovation for