Stablecoins may support the dollar's status as the top global reserve currency, but not by purchasing Treasury bills.

Stablecoins and U.S. Dollar Dominance: Deutsche Bank Research suggests that stablecoins could play a crucial role in maintaining the U.S. dollar's status as the world's leading reserve currency, contrary to common assumptions.

Regulatory Developments: In July, U.S. policymakers highlighted the potential of stablecoins in reinforcing dollar dominance while passing the first federal legislation aimed at regulating the stablecoin industry.