On February 26, TheBlock reported that Circle and Tether had different views on the regulation of stable coins in the United States. Circle CEO Jeremy Allaire believed that "there should be no free pass" and that stable coins pegged to the dollar should be registered and operated in the United States. At the same time, Tether CEO Paolo Ardoino claimed that the USDT was the most successful tool for dollar hegemony and distribution in emerging markets, and believed that the true intention of its "competitors" was to "kill Tether." It should be noted that part of Tether's reserves are managed by Cantor Fitzgerald, while the company's former CEO, Howard Lutnick, was recently appointed U.S. Commerce Secretary by Trump. In January, Trump also signed an executive order to protect the U.S. dollar, which aims to strengthen the U.S. government's support for stablecoin issuers, including efforts to promote the growth and development of compliant stablecoins backed by the U.S. dollar.