I don't see the plumbing that gets you from GENIUS Act regulation of stablecoins issuers to -> Treasury can somehow determine which Eurodollar liabilities are "valid" and render offshore dollar balances worthless. I also don't see why this would be a remotely appealing path for the US. The Eurodollar market is not an adversary, it is a force multiplier for dollar usage, although it complicates monetary policy transmission. A USDT issued by Tether is a particular kind of dollar-denominated liability. A $100 million deposit at HSBC London is another kind of dollar-denominated liability. A $100 million syndicated dollar loan from European banks is another. They all use the dollar as unit of account, but regulating stablecoin issuance doesn’t automatically give Treasury the ability to invalidate all of HSBC’s dollar liabilities. The system doesn't work that way. This article seems to take a valid observation (that banks outside the U.S. create dollar denominated credit) and translating that into a flawed concept of "counterfeit dollars".(𝐓𝐗𝐌𝐂)