Former Speaker of the House Paul Ryan has suggested that dollar-backed stablecoins could be a solution if other countries succeed in bolstering their currencies' influence while dumping U.S. Treasury debt. Proponents of stablecoins argue that they could play a critical role in maintaining U.S. dollar hegemony and staving off a potential debt crisis. As stablecoins grow to $1 trillion, they are increasingly backed by short-term U.S. Treasury T-Bills, including $100k Treasury Bills, similar to how the dollar was once backed by gold. The Wall Street Journal reports that 58% of stablecoins are on Ethereum, a figure that rises to 94% when excluding the centralized Tron. Advocates believe that widespread promotion of USD stablecoins could supercharge dollarization and help the U.S. achieve solvency through crypto.