Former US House Speaker Paul D. Ryan believes that dollar-pegged stablecoins could be the solution to the country's debt crisis and help the US dollar keep pace with China's growing influence in international trade. Ryan argues that the US is headed for a predictable yet avoidable debt crisis and that stablecoins could alleviate this issue by increasing demand for US debt and reducing the risk of a debt auction failure.

Ryan, who now serves as a policy council member at cryptocurrency-focused venture capital firm Paradigm, notes that the $162 billion stablecoin market already provides a significant source of demand for US Treasurys. He emphasizes that this role in preserving the dollar's dominance "couldn't be timelier," as it allows for cheap and reliable financing for fiscal spending on blockchain rails. This could help the US dollar maintain its substantial influence over the global financial system.

Ryan highlights that China has been integrating the Chinese yuan on various digital infrastructure investment platforms in several emerging markets, and the US must find its own solution before it's too late. He believes that stablecoins backed by dollars provide demand for US public debt and a way to keep up with China.

Ryan's opinion piece received praise from several industry leaders, including Emin Gün Sirer, CEO of Ava Labs, who sees stablecoins as one of the best things to come out of crypto and a way to maintain the dominance of the dollar. However, Adam Gladstein, the Human Rights Foundation's chief strategy officer, expressed concerns that more stablecoin use would perpetuate and reinforce the same financial system that Bitcoin aims to subvert and replace.