US asset manager PineBridge Investments has shifted its stance on the dollar, becoming overweight due to the rapid growth of crypto stablecoins. The recent passage of the GENIUS Act, a federal regulation requiring stablecoin issuers to back their tokens in US currency and other assets, is seen as the catalyst for this change. According to Michael Kelly, head of PineBridge’s global multi-asset business, the law’s introduction has bolstered confidence in the dollar, with Kelly citing it as a reason to reassess his bullish outlook on the greenback.
Source: https://www.bloomberg.com/news/articles/2025-08-06/pinebridge-turns-bullish-on-dollar-on-potential-for-stablecoins