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?
USD backed stablecoins are nothing else than US dollars, that are hidden behind a shiny "crypto" package(which actually isn't crypto at all).
I don't know how a USD backed stablecoin can be more useful than actual US dollars. The only thing that makes stablecoins useful is their role in cryptocurrency trading. A stablecoin is basically useless outside the crypto exchange platforms.
Is there a way for these USD backed stablecoins to add more value and utility to the US dollar? I don't think so.
The process of de-dollarization in certain countries and continents will continue and the stablecoins cannot be used to stop such process.