From the Economist - the dollar is tanking

[JCMach1]

8. That's what the recent stablecoin law was about--

Under the law:

Reserve Requirements:
Issuers must hold reserves equivalent to the value of their issued stablecoins, consisting of cash or short-term U.S. Treasury bills.

...
U.S. Dollar Dominance:
.
By requiring stablecoin reserves to be held in dollars and Treasuries, the Act is expected to increase demand for U.S. government debt, further cementing the dollar's role as the global reserve currency.