US President Donald Trump has banned the creation of Central Bank Digital Currency (CBDC), citing privacy and financial stability concerns. The executive order promotes dollar-backed stablecoins as alternatives and establishes a working group to develop a regulatory framework for digital assets.

“CBDC in the US is dead under Trump,” Geoff Kendrick, global head of digital assets research at Standard Chartered, told Cointelegraph. “Instead, they’re going down the private stablecoin route, and the Fed has no control over that.”