The Globe and Mail reports in its Friday, July 4, edition that Europe's largest asset manager has expressed concerns that the rise of dollar-backed stablecoins following the U.S. Senate's passage of the GENIUS Act could destabilize the global payment system. A Reuters dispatch to The Globe reports that the Act aims to establish a regulatory framework for U.S.-dollar-pegged cryptotokens and is expected to gain approval from the House and President Donald Trump. Other countries fear this could lead to a wave of "dollarization" if their populations adopt these tokens. "It could be genius, or it could be evil," Amundi Asset Management's Vincent Mortier said. JPMorgan expects the amount of stablecoins in circulation to approximately double to $500-billion (U.S.) in the next few years, although some estimates have put it as high as $2-trillion (U.S.). Stablecoins must be pegged to the dollar under U.S. law, leading to increased buying of U.S. Treasury bonds. This could help with the U.S. budget deficit but may also create challenges for the U.S. and other nations. Currently, 98 per cent of all stablecoins are pegged to the dollar, but more than 80 per cent of stablecoin transactions happen outside the United States.