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United States President Donald Trump has issued an executive order strategically positioning cryptocurrency stablecoins as pivotal in safeguarding the dollar's global standing. This directive closely aligns the interests of the U.S. government with those of leading stablecoin issuers, notably Tether Holdings Ltd. and Circle Internet Financial Ltd. Trump's objective is to uphold dollar sovereignty by nurturing the development and expansion of dollar-pegged stablecoins, while concurrently prohibiting activities related to central bank digital currencies, thereby eliminating potential rivals for stablecoins. This maneuver resonates with the aspirations of issuers such as Tether and Circle, who advocate for the widespread adoption of stablecoins.
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