In response to broader macroeconomic challenges and concerns around stablecoin growth, the United States enacted the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS Act) in July 2025. GENIUS Act? While a few countries, such as Algeria and Egypt, continue to restrict or outright ban digital assets, other countries including Kenya, South Africa, and Nigeria are establishing licensing, stablecoin oversight, cybersecurity and regulatory sandboxes, similar to the GENIUS Act. This structural and regulatory shift allows digital currencies to operate as legitimate components of their financial architectures by formally integrating digital assets into domestic financial systems. Significantly, since 99% of stablecoins in circulation are U.S. dollar denominated, the GENIUS Act accelerates a shift away from local currencies towards the “digital dollar,” at a time when U.S. macroeconomic volatility is high ( e.g.