Stablecoins, Dollar Dominance, and the Genius Act

The Senate passed the Genius Act with a 68-30 vote, signaling bipartisan support for stablecoins as tools to reinforce the U.S. dollar's strength on digital rails.

• Galaxy’s Alex Thorn called it a “dollar bill,” not a crypto bill, framing it as a tool for preserving the relevance of the dollar in a changing world.

• The bill opens the door for large corporations and fintechs to issue stablecoins, potentially reshaping global payment infrastructure.

• This legislation could accelerate a financial future where people spend in dollars and save in Bitcoin without even thinking about it.

• As competition heats up, issuers may offer yield or asset-backed reserves to differentiate, including treasuries, gold, or Bitcoin itself.

• King Dollar, a recent book cited by Treasury officials, outlines how each time the dollar’s dominance has been questioned over the past 40 years, a new mechanism has emerged to extend it. Stablecoins are the next chapter.

Bitcoin Resilience Amid Geopolitical Risk

Bitcoin has remained steady above $100,000 for over 40 days, demonstrating resilience despite volatility in traditional markets and escalating global tensions.

• In prior cycles, Bitcoin has often initially sold off during geopolitical shocks. This time, it has absorbed risk and remained stable.

• The group discusses whether Bitcoin is becoming less reactive to short-term uncertainty and more aligned with long-term strategic positioning.

• Stephen points out that Bitcoin investors may be learning to disregard geopolitical noise, which often turns out to be less severe than headlines suggest.

• The broader takeaway is that Bitcoin’s market behavior is beginning to reflect its perceived role as a durable asset rather than a risk-on speculative play.

Custody, Infrastructure, and the Rising Threat Landscape

As Bitcoin becomes more valuable, it is also becoming a larger target. This week’s hacks in Iran underscore the growing risks associated with both traditional finance and digital asset infrastructure.

• Iran’s largest crypto exchange was hacked and its hot wallets drained, while a major bank faced a cyberattack in the same week.

• Michael raises the critical point that traditional omnibus custody structures are not built for Bitcoin. In high-stress events, they may fail to clearly tie assets to individuals.

• Onramp’s multi-institution custody model allows three independent custodians to attest to client ownership on chain. This provides verifiable, jurisdictionally redundant claims in a way omnibus systems cannot.

• The group warns that custody failures, data breaches, and even physical attacks are becoming more common as wealth increasingly sits in digital assets.

Bitcoin Policy Momentum and the U.S. Strategic Advantage

The conversation turns to Washington, where bipartisan interest in Bitcoin is no longer hypothetical. From the Genius Act to the upcoming Strategic Bitcoin Reserve audit, the United States is beginning to treat Bitcoin as both a policy priority and a strategic asset.

• Americans are estimated to hold 40% of the global Bitcoin supply across individuals, institutions, and government entities.

• The Bitcoin Policy Institute is explicitly nonpartisan, founded on the belief that if Bitcoin becomes significant, policy will inevitably follow. Its mission is to work with anyone willing to engage in good faith.

• This moment stands in sharp contrast to three years ago, when many policymakers were first exposed to Bitcoin through the collapse of FTX.

• Policy momentum is no longer confined to the fringe. As more lawmakers recognize that Bitcoin is held by millions of constituents and growing in economic weight, alignment is becoming a political imperative.

Adoption, Network Effects, and the Road Ahead

The group reflects on where Bitcoin stands in the broader adoption curve and why it is incredibly early, even with the price above $100,000.

• Bitcoin’s adoption today is often compared to the internet in the early 1990s or social media in 2005. The infrastructure is in place, but most people have not fully utilized it or understood its significance.

• Only a small percentage of global wealth (0.2%) is stored in Bitcoin. By value, we are still in the very early innings of adoption.

• Adoption is not just about holding Bitcoin but about connectivity. As more people recognize its value and begin to settle or transact in it, the network effect accelerates.

• Bitcoin’s rise is even more radical than that of other major technological shifts. It is not a new communications layer. It is an entirely new monetary system that is forming in real-time.

• Bank of America recently included Bitcoin on its list of once-in-a-thousand-year technological disruptions, reinforcing that this is not just another innovation cycle. This is monetary history unfolding.

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