the McHenry bill is passed in the US, will it strengthen the dollar as the world's reserve currency?
The USD stable coins are backed and pegged mostly with fiat USD, that means as more people are buying the stable coins, the company that are offering the stable coins will buy more USD fiat. People across the world can buy the stable coin easily on exchanges and this is increasing the strength of USD as a foreign reserve.
Although the process of de-dollarization is happening, it is not able to weaken USD dominance overnight. USD is still the world's reserve currency, so it is very normal for stable coins to remain pegged to USD. But if de-dollarization happens faster and the USD loses its position and value, then stablecoins will soon be pegged to another currency as well. Like CZ came up with this idea when the stable coin BUSD was attacked by the government. He also shared his view that he will find ways to reduce dependence on the USD and create stablecoins pegged to currencies such as the Yuan or the JPY...
Currency wars are much bigger and it is outside the influence of the cryptocurrency market, so the stablecoins market will not affect the currency wars of countries.