Cryptocurrencies
Trump Boosts Tether, Circle by Tying Stablecoins to Dollar
- US crypto czar sees potential for extending dollar dominance
- USDT, USDC account for almost 90% of total stablecoin value
This article is for subscribers only.
President Donald Trump brought crypto stablecoins to the forefront of efforts to preserve the dollar’s global supremacy, firmly aligning the US government’s interests with those of issuers like Tether Holdings Ltd. and Circle Internet Financial Ltd.
Trump on Thursday signed an executive order to protect the dollar, “including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.” At the same time, he barred any further work on a central bank digital currency, blocking an instrument seen as a potential competitor to stablecoins.