The MAGA plan behind the Big Beautiful Bill and Trump's GENIUS

Beneath their completely different exteriors, the two bills "Big Beautiful Bill" (OBBBA) and "GENIUS Act" reveal a profound strategic coordination in the economic agenda of the MAGA movement. Both unveil a shift in fiscal policy and regulation – focusing on financial control, reallocating capital flows, and strengthening national economic sovereignty.

Dollarization: Public debt out, stablecoin in

OBBBA is a massive fiscal spending package worth $3.3 trillion that has been approved by both houses of Congress. This law increases the debt ceiling by an additional $5 trillion and is expected to add $3.3 trillion to the budget deficit over the next 10 years. The question is: Who will buy this new amount of government bonds?

The answer lies in the GENIUS Act.

This bill requires stablecoins to be backed 1:1 by USD or short-term Treasury bonds. With this regulation, the market could generate a demand of $1.2 trillion to $1.6 trillion for U.S. bonds. In other words, stablecoin issuers are compelled to purchase bonds — creating a quietly but powerfully absorbing mechanism for the bond market.

This is a clever fiscal loop: one spending bill, while the other handles the consequences.

Strategic Control: Stifling Innovation Within Frameworks

Although OBBBA has removed the controversial provisions related to AI and crypto before passing, GENIUS is directly targeting tightening the issuance of stablecoins. Only banks regulated by OCC, federally licensed non-bank organizations, or entities certified by states are allowed to issue stablecoins.

Foreign organization? Type.

Unlicensed fintech? Shut out.

The US is not destroying digital finance but is "nationalizing" crypto infrastructure – ensuring that even as blockchain technology develops, the flow of money still returns to Washington.

This is a sophisticated form of technology control.

New type of underground banking: Fintech supported by the state

Some provisions in both bills indicate the initial outline of a new type of national banking system - state-approved but operated through fintech.

The GENIUS Act paves the way for companies like Circle and Ripple to operate as banks under federal oversight. OBBBA proposes "MAGA savings" accounts for newborns, encouraging the flow of digital currency through auto loan interest deductions and savings programs for the elderly.

Combined with the trend of digital wallets integrating stablecoins and federal ID verification – which is being quietly tested in some states – a new financial layer is forming: as efficient as fintech, but with government approval.

International Reaction: China Accelerates the Yuan Stablecoin

China is not staying out of the game. Recent reports indicate that Chinese companies, in collaboration with mainland regulatory agencies, are accelerating the development of stablecoins linked to the Renminbi to facilitate cross-border payments in Asia, Africa, and the Middle East.

The GENIUS Act seems to be seen by Beijing as a signal that the US is leveraging USD-pegged stablecoins to maintain global financial power, despite the weakening of traditional influence.

A calculated MAGA economic architecture?

When placed side by side, OBBBA and the GENIUS Act show a closer coordination than two individual laws:

• OBBBA expands the role of the state through spending, tax reform, and welfare adjustment.
• The GENIUS Act creates a digital infrastructure to control and commercialize that expansion through regulated fintech.

One law builds houses, the other law installs electricity. And both lock the door to those who do not belong to the system.

This is not just Trump's policy – it is the blueprint for a new financial order: digital dollars, centralized control, and a financial elite operating within an allowed framework. Whether that is genius or danger – depends on who holds the key.

Thạch Sanh