PANews reported on March 15 that according to Cointelegraph, the U.S. Senate Banking Committee voted to pass the GENIUS Act, a bill to regulate stablecoin issuers, paving the way for the adoption of stablecoins as a means of payment outside of cryptocurrency trading. However, the bill may trigger the potential privatization of the U.S. dollar and increase the risk of de-dollarization because the bill allows stablecoin issuers to be free from the same federal consumer financial protections as credit cards and peer-to-peer payment platforms, and to invest in money market funds, repurchase agreements and uninsured bank deposits, which have been rescued in past financial crises, thereby indirectly affecting the U.S. dollar. Data shows that the proportion of the U.S. dollar in global foreign exchange reserves has dropped from more than 70% in the early 21st century to below 60%.