Dollar-backed stablecoins are issued on a public, permissionless blockchain, and they have the American values of freedom and openness, unlike China’s digital financial infrastructure. 

The Hoover Institution’s report titled, “Digital Currencies: The U.S., China, And The World At A Crossroads,” highlights China’s first mover advantage with the launch of its central bank digital currency and its impact on global rules and standards for digital finance.

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