According to a report by Sina Finance on September 25, Xie Ziqiang, Chief Economist of Morgan Stanley China, pointed out that the "Genius Act" launched by the United States essentially reflects the U.S. desire to maintain the dominance of the dollar during the digitalization phase of payment infrastructure. In the short term, the dollar stablecoin bill may further strengthen the international status of the dollar, but this could further expose the single-point risk of the global payment system's excessive reliance on the dollar. Xie Ziqiang analyzed that the Fed has begun a rate-cutting cycle, and therefore is bearish on the dollar in the long run. When the U.S. real interest rate decreases, it may weaken global capital demand for the dollar and U.S. Treasury bonds, resulting in a depreciation of the dollar and exacerbating volatility in the U.S. Treasury market.