If the Clarity Act of the US is implemented, the combination of stablecoins and interest will be very dangerous. When a non-depreciating, cross-border, interest-bearing US dollar stablecoin exists, many countries' fiat currencies will slowly lose their qualification to be 'used'. The real currency war has never been noisy, but is decided by users voting with their feet. Without regulation or bans, people will naturally choose: non-depreciating + interest-bearing + easily transferable currency.

Financial hegemony will always belong to 'the most convenient party'.