According to ChainCatcher, Howard Lutnick, CEO of Cantor Fitzgerald, Tether's custodian, said that stablecoins drive demand for U.S. Treasuries and are good for the dollar's global dominance.

Lutnick said that China may view potential digital dollars as spy wallets. He believes that stablecoins are the foundation of the U.S. economy and will not pose a systemic risk to the world. Cryptocurrency traders widely use stablecoins as financing currencies, and Tether is one of the world's largest stablecoin issuers.