According to Omkar Godbole, stablecoins such as USDC and USDT are increasingly being used as de facto dollars in developing regions with weak local currencies. This trend, discussed in relation to the GENIUS Act, highlights how dollar-backed stablecoins are accelerating global dollarization, providing traders with more liquidity and cross-border settlement options. The widespread adoption of these stablecoins can influence crypto trading volumes and price dynamics, especially in markets facing currency instability. Source: Omkar Godbole (@godbole17).