In November, Paxos CEO Charles Cascarilla wrote in a letter addressed to Trump and former Vice President Kamala Harris—then the Democratic presidential candidate—that America’s opportunity to cement financial dominance through stablecoins had been stifled so far by “countless examples of regulatory overreach.”
Though firms like BlackRock have issued tokenized money market funds that resemble stablecoins, S&P analysts wrote that a lack of regulation and supervision has prevented their broader adoption in fields like everyday payments.