You know that PayPal has already launched its own stablecoin.
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?
I don't think so, because Dedollarization is more precisely related to transactions between countries that do not use the dollar as a transaction tool, so it will return to the country that is conducting the transaction, whether to continue to use the dollar as a transaction tool or use its own currency.
This includes cooperation, today Paypal may issue its stable coin which is pegged to the dollar, but that is not an indicator that the dollar will be used, if the transacters are China and Indonesia, for example, China buys goods from Indonesia using rupiah as well as Indonesia using yuan when you want to buy goods from China.
But maybe retail trading, preferring stablecoins to make transactions. CMIIW