From Bloomberg reporters Jana Randow, Chris Anstey, and Emily Nicolle:

US officials are convinced that making dollar-backed tokens known as stablecoins part of mainstream finance will entrench US dominance in global payments. Many governments elsewhere see central bank digital currencies — or CBDCs for short — as the first line of defense against cryptocurrencies that threaten their control over the flow of money through national economies. Both stablecoins and CBDCs remain new and relatively untested, and their future is difficult to predict despite plenty of confident projections made by investors and policymakers alike.

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