Chen Chung Assesses Trump's Crypto Policies and Global Stablecoin Legislation

Stablecoins maintain their value through assets such as cash or short-term government bonds, serving both as cross-border payment instruments and as an extension of the U.S. dollar. Unlike central bank-issued CBDCs, they are mostly issued by private entities, raising greater concerns over regulation and monetary sovereignty. Chen Chung said the United States is using stablecoins to preserve the dollar's standing and sustain demand for U.S. debt, making countries' legislative race a factor shaping the global financial order.

In a March 19, 2026, speech at National Tsing Hua University's College of Technology Management, Chen, chairman of the New Frontier Foundation, said the U.S. GENIUS Act requires stablecoin reserves to be held entirely in cash or U.S. Treasury securities maturing within 93 days. He said the measure would still have limited impact given more than $39 trillion in U.S. government debt and about $3 trillion in stablecoin demand. Chen also said Taiwan's Virtual Asset Service Act remained pending after being submitted to the Executive Yuan in June 2025.