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?
Indeed, you are correct, Pay pal launched its own stable coin (PYUSD) back in August, 23, which is 100% backed by US Dollar deposits. This is a welcome move and we should view it as a step forward towards adoption of cryptocurrencies. It is worth mentioning that PYUSD was launched on Ethereum block chain which is considered most reliable network for robust support of smart contracts.
As for McHenry bill in the US House, it is a positive development for future of crypto currencies. I firmly believe that addressing regulatory issue is of paramount important to dispel uncertainty surrounding digital assets. Clear band well defined regulations will contribute to increased adoption and growth in cryptocurrencies sector.