Stablecoin Is the Wrong Weapon in US-China Fight

At a gathering of central bankers last month in Basel, Harvard University economist Gita Gopinath presented some unsettling data about stablecoins. Up to three-quarters of Tether’s USDT and Circle Internet Group Inc.’s USDC — the world’s most popular 1:1 dollar clones — are held in wallets where the users control the cryptographic keys.