The company Circle and Tether uses a dollar stablecoin, which is used not only by American companies. If the McHenry bill is passed in the US, will it strengthen the dollar as the world's reserve currency?
The arrangement of stablecoins is more economically inclined than other cryptocurrencies, they are backed by assets, which could be gold, currency and others. And since most stablecoins are backed by the USD, then it's a better strength for the USD because they are actually acting like it.
I've always said that those who are trying to change the world balance would fail, we should enjoy the somewhat freedom and stability we have now because those countries trying to enforce de-dollarization will become more evil than good over time, they have the tendency to rule maximally.
However, my resolve remains that they will only try but will always fail as the USD is the only currency with reference to the past history that can hold that status. Not even the Chinese Yuan that is often been manipulated through pegging and is less popular in the FX market.