US Treasury proposes CBDC to replace privately issued stablecoins

Odaily News According to a report released by the U.S. Treasury Department on Wednesday, it is concerned about the growth of the stablecoin market and believes that privately issued stablecoins should eventually be replaced by state-backed CBDCs. The report said: "Similar to the replacement of privately issued 'wildcat' currencies by government-backed central bank currencies in the late 19th century, CBDCs may need to replace stablecoins as the primary form of digital currency supporting tokenized transactions." (Decrypt)